Positive upbeat of US Bond yields could help raise the value of US Dollar. Pair EUR/USD shown some significant price correction after bullish almost a year since March 200.
Prices have been trading high since the beginning of 2021 where the EUR / USD price has reached 1.23500 a few weeks ago. However, a 5% decline occurred entering February and is expected to continue to decline.
The appreciation of the US Dollar is expected to continue over time following a positive recovery in the United States as well as political stability that will reassure investors this year. Several important levels based on fibonacchi retracement are expected to occur.
The first levels that the price will likely move to are around (fibo retracement 61.8) 1.1700, and (fibo retracement 50.0) 1.1500. Prices are also bearish and pass the Moving Average indicator 50 below.
AHMAD FAIZUDDIN BIN RAZALI
ANALYST OF CDG GLOBAL