EUR/USD gained 175 pips on Wednesday ahead of the meeting between Presidents Zelensky and Putin, the ensuing ceasefire and Ukraine’s withdrawn bid for NATO membership. It hit 1.1060, but hesitated on it because the ECB will have a meeting on monetary policy today. Many expect the central bank to confirm its commitment to a soft policy, and if that happens, euro’s downtrend will most likely recover, with the first target at 1.0825.
The pair is also bullish in the four-hour chart, signaled by the quote moving above the indicator lines. The Marlin oscillator is in the positive area, but if the pair dips under the MACD line, below 1.1000, then the quote will begin to decline again.
The breakdown of 1.1095 will trigger uncertainty because there are many weak historical levels that may cause increased volatility.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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