On Thursday (March 14) European time, selling pressure around the EUR/USD continues, currentlycurrencyThe pair has already fallen below the 1.13 area. The rise in the dollar is the main reason for this trend. The market is currently focusing on the recent vote of the British Parliament to delay the withdrawal of the Brexit.
The Huixin Quotes Center showed that after four consecutive days of gains, the EUR/USD failed to break through 1.1340 and fell, and has now fallen below the 1.1300 mark.
In terms of data,German economic dataDisappointing again, Germany in FebruaryCPIInflation rose by 0.4% in the month and the annual rate was 1.5%, both lower than expected. France's February CPI monthly rate is in line with expectations and previous values, staying at 0, with an annual rate of 1.6%, slightly higher than expected and the previous value.
Important economic data that the US will release today include initial jobless claims and new home sales data.
According to Huixin's observation, today's market will continue to pay attention to the progress of Brexit. After the British parliament decided yesterday to avoid a non-agreement to leave the European Union, today the parliament will vote on postponing the Brexit. If the vote is passed, Brexit may be delayed by two to three months.
Regarding the outlook for the euro, market participants seem to have adjusted the recent dovish remarks of the European Central Bank, turning to the overall risk sentiment and using it as a major factor in price in the near term.
In the longer term, the economic performance of the Eurozone will continue to be the focus of the euro's movements and will also be the basis for the ECB's monetary policy.
In this case, it is worth noting that investors are still pricing the European Central Bank may raise interest rates in the second half of 2019.
On the political front, the EU parliamentary elections in May will receive widespread attention and will also provide new trading power for the market.
Focus on technical position
According to FXStreet's technical analysis, if the EUR/USD falls below 1.1291 (10-day SMA), it will point to 1.1176 (2019 low) and then to 1.1118 (June 2017 low).
On the upside, the next resistance is at 1.1338 (13 March high), followed by 1.1369 (55 SMA) and 1.1419 (February 14 high).
(Article source: FX168)