The ideal scenario for EURUSD on Friday is a correction to 1.1935 with a subsequent rise to 1.1970


On Thursday, March 11, trading in the euro ended with growth. The euro rose in price by 0.46% to 1.1984. The euro shook after the ECB meeting, but amid a general weakening dollar, buyers were able to raise the rate to 1.1990.

The European Central Bank left interest rates unchanged. The regulator said it will keep borrowing costs under control and will continue to purchase assets under its program totaling € 1.85 trillion until at least the end of March 2022. The Governing Body expects PEPP purchases in Q2 to proceed at a significantly faster pace than in the first months of this year.

Scheduled statistics (GMT + 3)

  • At 10:00, Britain announced changes in GDP, industrial output, manufacturing output and visible trade balance for January. Germany released its consumer price index for February.
  • At 13:00 the eurozone will report the change in industrial production for January.
  • At 16:00 Britain is to release data on the change in the volume of GDP from NIESR for February.
  • At 16:30, Canada will announce changes in unemployment and employment for February, as well as wholesale trade in January and capacity utilization for the 4th quarter. The US is to publish the February Producer Price Index.
  • At 18:00 in the US, the consumer sentiment index from Reuters / Michigan for March will be released.
  • At 21:00 Baker Hughes will publish a report on the number of active oil rigs.

Current situation

In Asia, major currencies are trading in the red. The largest losses against the US dollar were incurred by the franc (-0.46%), the New Zealander (-0.38%) and the Australian (-0.33%). Investors are leaving risky assets amid the sublime growth in the yield on 10-year US bonds to 1.582% from 1.475%. As you can see, the sale of bonds could not be stopped by the statements of J. Powell and the report on inflation in the United States.

The economic calendar for the euro is blank for today. The tone of the trades is set by the dynamics of US10Y. For one euro, they give 1.1948. The support zone is located between the levels 1.1925-1.1935 (42 gr., Lb line, trend line). If it does not resist, then the correction will increase to 1.1909 (about 50% of the growth of 1.1836 – 1.1990). The ideal scenario for Friday is a correction to 1.1935 with a subsequent rise to 1.1970.

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