Market Outlook
EURUSD weakens following ECB’s comment. - Zeal Capital Market

EURUSD weakens following ECB’s comment.

27-03-2023 09:44

“Euro slides after ECB member provides her view. All eyes on upcoming developments in between EU and Russia.”

Euro extended its losses during the Asian trading session after a member from European Central Bank provides an outlook regarding inflation. According to the report, Isabel Schnabel said that headline inflation in the EU began to decrease. However, she noted that while overall inflation has subsided from its high levels, it remains “sticky” due to the current market condition. For now, investors will focus on developments between EU and Russia after the former vowed to enact more sanctions on Moscow due to nuclear threats.

Technical Analysis

EURUSD weakens following ECB’s comment. - Zeal Capital Market

EURUSD, Daily: The pair extended its losses as it fails to close above 1.0860. MACD which shows diminished bullish momentum suggests further downside ahead in the mid-term.

Resistance level: 1.0860, 1.1190

Support level: 1.0510, 1.0110

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