Best Forex Technical Analysis By Capital Street FX

MA 10: 1.0837 | Positive Crossover | Bullish
MA 20: 1.0827 | Positive Crossover | Bullish
MA 50: 1.0836 | Positive Crossover | Bullish

Tusharcsfx · March 6

Daily FX Analysis – Explore forex as major pairs rally, and await data.

Introduction

EUR/USD climbs above 1.0850 in the European session amid a cautiously optimistic market sentiment ahead of Fed Chair Powell’s testimony and US jobs data. Investors await the EU Retail Sales report as they tread carefully before key macroeconomic events. GBP/USD regains momentum above 1.2700, anticipating UK Chancellor Jeremy Hunt’s Budget Report, while USD/CAD eyes the BoC rate decision. The Australian Dollar rebounds despite weaker GDP data, influenced by fluctuations in the S&P/ASX 200 Index and developments in the US Dollar and Fed Powell’s testimony.

Markets In Focus Today – EUR/USD

EUR/USD Rises Above 1.0850 Ahead Of US Data, Fed’s Powell.

EUR/USD is picking up fresh bids above 1.0850 in European trading on Wednesday, as the US Dollar licks its wounds amid a cautiously optimistic market mood ahead of Fed Chair Powell’s testimony and US jobs data. EU Retail Sales report is eyed as well. EUR/USD trades in a tight channel above 1.0850 in the European morning on Wednesday as investors move to the sidelines ahead of key macroeconomic events. Although EUR/USD edged higher during the European trading hours on Tuesday, it failed to gather bullish momentum in the second half of the day as the US Dollar (USD) benefited from the souring market mood.