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The EURUSD snapped its winning streak on Wednesday after hitting fresh highs the day before. The pair fell towards 1.110 in intraday Trading before settling higher at 1.113, corresponding to a drop of 0.32 percent for the day.
After the US Federal Reserve announced a surprise interest rate cut on Tuesday, market participants were quick to offload the US dollar in favor of other currencies. The rate cut, now down to 1.25 percent, was in response to the increasing fears of a coronavirus related recession on the horizon. The move drove Treasury yields to historic lows as investors searched for safe-haven assets. Today, the bank of Canada followed suit as it decreased its target rate to be in line with the US, prompting further doubts on the resilience of North American markets.
On the economic data front, the Eurozone figures came in mixed. The Markit services PMI arrived below expectations, whereas retail sales figures for January beat the consensus. In the US, the ADP jobs report surprised to the upside, showing a strong private sector adding 183k jobs last month versus the forecast of 170k. US non-manufacturing data also put in a strong performANCe, with the ISM new orders index coming in at 63.1 versus expectations of 56.3. The double whammy effect of the above data releases pressured the EURUSD as the dollar makes a comeback following several sessions of weakness.
From a technical perspective, the EURUSD managed to stay within the 1.110 and 1.1179 range, proving bulls have managed to retain control for now. However, should the psychological 1.110 level fail to hold, we could be expecting a freefall towards the 1.10 support level. The current price is holding around the 78.6 percent Fibonacci level with an upside target of 1.12381. Momentum is starting to lose steam as indicated by the MACD while the RSI begins to descend out of the overbought conditions.
(Chart Source: Tradingview 04.03.2020)
Looking ahead, the fundamentals in Euroland remain shaky in light of the Covid-19 outbreak. Italy has announced a temporary closure of all schools in the country to stem the spread of the virus. As more and more European countries brace for a pandemic, the outlook for the euro remains bearish in the near term.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：Daily Market Recap - EURUSD
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