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EUR/USD showed a minor pullback on positive market sentiment. It hit an intraday low of 1.04764 and currently trading around 1.04735.
Top European leaders like Ukrainian President Volodymyr Zelenskyy are keenly making diplomatic efforts to put an end to the war in Ukraine. Britain, France, and Ukraine cooperated in working on a peace plan for a ceasefire, maintaining assistance to Kyiv and sanctions against Russia to further Ukraine's negotiating position. British Prime Minister Keir Starmer has confirmed that the UK will work with Europe to develop a peace plan for Ukraine, to be presented to the U.S. Zelenskyy has underlined the necessity of U.S. involvement in peace talks and has shown himself willing to negotiate to achieve a lasting resolution.
Eurozone Core CPI Flash Estimate during February 2025 was 2.6% year-over-year, which dropped modestly from 2.7% in January, showing its continuation of declining from the neutral state of the last five months; the aforementioned core inflation, excluding volatile food and energy prices from the calculation, provides improved view on underlying trends of Eurozone inflation since the rate of overall inflation reached 2.4% but also exceeded the 2.3% that had been expected of it, thus contributing to trouble ECB may face while reducing rates as well as for Eurozone's mood of markets and policies
Technical Analysis of EUR/USD
The pair is holding above the short and below the long-term moving average in the 4-hour chart. Near-term resistance is seen at 1.0500; a break above this may push the pair to targets of 1.0535/1.0575, and 1.0600/1.0660. Major bullish momentum is likely only if prices can break above 1.0660, where levels of 1.0700, 1.0760, and 1.0800 await. On the downside, support is seen at 1.0400 any violation below will drag the pair to 1.0360/1.0300/1.0220.
Market Indicators and Trading Strategy
Commodity Channel Index (CCI)- Neutral
Average Directional Movement Index (ADX) - Neutral. It is good to buy on dips around 1.04500 with a stop-loss at 1.0400 for a target price of 1.0600.
