EUR/USD Price Analysis: Above 1.0804 comes the YTD high

Market news

1 March 2023

EUR/USD Price Analysis: Above 1.0804 comes the YTD high

EUR/USD rose sharply and pokes with the key 1.0700 hurdle.
The surpass of 1.0804 opens the door to extra advances.

EUR/USD strongly reverses Tuesday’s decline and trades at shouting distance from the 1.0700 barrier on Wednesday.

There is a temporary up barrier at the 55-day SMA at 1.0715 prior to the weekly high at 1.0804 (February 14). A convincing move above the latter could open the door to extra gains in the short-term horizon with the immediate target at the 2023 peak at 1.1032 (February 2).

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0328.

EUR/USD daily chart

Currencies. Daily history for Wednesday, March 1, 2023

Commodities. Daily history for Tuesday, February 28, 2023

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.