Euro is down Vs the dollar at 1.0600, down more than 1% today. The duo was trading at about 1.0730 early in the day, but as soon as European markets began, it took a sudden turn.

Euro pressured by SVB and banking crises

Sellers are taking control as a result of concerns about Credit Suisse and European institutions, and the price is currently falling to 1.0595.

Technically, the duo is presently once more focusing on its 100-day moving average. The threshold, now sitting at 1.0554, assisted in halting the drop last week. So, just remember that along with additional support near the 1.0500 level.

Daily Chart

Source: TradingView

Risk aversion suddenly returned, forcing the EURUSD to rapidly adjust lower and trade Today at a range from the crucial 1.0600 neighborhood.

Euro declines as Dollar is bought

After negative reports about the Swiss lender, Credit Suisse rekindled interest in safe-haven assets The EURUSD came under fresh, intense selling pressure.

In contrast, as US and German yields resumed their downward trajectory, demand for the dollar gained new momentum, pushing the USD Index (DXY) to new highs north of the 104.00 barriers

The region’s final inflation figures for France for the month of Feb came in marginally higher than the estimates. Showing the CPI increasing 1.0% MoM and 6.3% over the previous twelve months. In the eurozone, industrial production increased by 0.9 percent from a year ago and 0.7 percent on a monthly basis in Jan.

Watching Euro at Present

As worries about the European banking system gained momentum and caused a flight to safety response among market players. The EURUSD is now under significant downside pressure.

In the interim, price movement surrounding the euro should continue to closely track changes in the value of the dollar. Also. well as any possible future actions from the ECB after its meeting in March, At the time the bank already has allocated for a further rate increase of 50 basis points.

Major occurrences in the eurozone this week

Wed: EMU Industrial Output; Thursday: ECB Lagarde; ECB Interest Rate Decision; (Friday).

Significant problems with the rear boiler

A continuation of the ECB’s pattern of rate increases despite decreasing odds of a regional recession and persistently high inflation. Impact of the Russia-Ukraine conflict on regional inflation and growth forecasts. Threats of persistent inflation.

Technicals and important values to watch

The duo is currently down 1.1% at 1.0626 and meets resistance at 1.0524 (month’s bottom from March 8), 1.05555 (the 100-day SMA), and finally 1.0481. (2023 low Jan 6).

On the plus side, a breakthrough above 1.0759 (the March 15 monthly high) would aim for 1.0804 (the Feb 14 weekly high), and eventually, 1.1032 (the 2023 high Feb) is probable

Summary  SELL

Moving Averages: Buy (0) Sell (12)

Technical Indicators: Buy (0) Sell (6)

Daily Pivots