Chart of the day - EURUSD (17.03.2023)

9:17 AM March 17, 2023

The most popular currency pair managed to defend crucial support at 1.0530, which is coincides with long-term upward trendline and 38.2% Fibonacci retracement of the downward wave launched in June 2021 as risk sentiment improved following efforts in the US and Europe to backstop troubled lenders and avoid a broader banking crisis and latest ECB decision to raise rates by 50 bp. During today's session fresh comments from ECB members provided more fuel for Euro bulls. ECB's Simkus said the terminal rate hasn't been reached and wage pressures are gaining more strength on core prices. ECB's Kazimir pointed out that core inflation is sticky and upside risks to inflation are dominating, therefore the central bank needs to continue with rate hikes. Nevertheless as long as price sits below the key resistance zone between 1.0700- 1.0765 main sentiment remains bearish.

EURUSD, D1 interval. Source: xStation5

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