A little bit of risk-taking firstly of the week, Brexit talks, and anticipation of this week’s Eurozone inflation information might make or break EUR/USD’s short-term downtrend.

Earlier than transferring on, ICYMI, I’ve listed the potential financial catalysts that you want to be careful for this week. Test them out earlier than you place your first trades right this moment!

And now for the headlines that rocked the markets within the final buying and selling classes:

Recent Market Headlines & Financial Knowledge:

Polish refiner PKN CEO Orlen shared on Saturday that Russia halted its oil provides to Poland

New Zealand’s retail gross sales sank by 0.6% in This fall after a shock 0.6% improve in Q3 2022

PBOC slashed its day by day midpoint repair from 6.8942 to six.9572. It’s the most important weakening of the onshore yuan and it dragged the foreign money to its lowest degree in opposition to the greenback since December 30

Britain and the European Union leaders to carry talks in London to make a brand new deal that may deal with commerce and political disruptions in Northern Eire after Brexit

Value Motion Information

Overlay of Main USD Pairs

USD acquired some assist through the Asian session as extra merchants priced of their considerations over greater rates of interest and tensions between Russia and Turkey (and its allies).

The safe-haven greenback made new intraday highs and broke above final week’s U.S. session highs earlier than European merchants got here in with their cautious start-of-week risk-taking and bargain-hunting.

USD is now largely again to its U.S. session ranges with Brexit and inflation headlines in focus.

U.S. core sturdy items orders at 1:30 pm GMT
U.S. pending house gross sales at 3:00 pm GMT
Japan’s preliminary industrial manufacturing at 11:50 pm GMT
Japan’s retail gross sales at 11:50 pm GMT
NZ ANZ enterprise confidence at 12:00 am GMT (Feb 28)
AU retail gross sales at 12:30 am GMT (Feb 28)

Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

Technical Chart of the Day: EUR/USD

EUR/USD 15-minute Foreign exchange Chart by TradingView

Later right this moment we’ll see the U.S. core sturdy items orders and pending house gross sales which can or might not assist speculations of higher-for-longer rates of interest within the U.S.

Markets may additionally pay shut consideration to the EU and U.Ok. leaders’ talks over Northern Eire’s destiny put up Brexit.

A risk-friendly, anti-dollar buying and selling surroundings might bust EUR/USD from a Double Backside sample on the 15-minute chart and take the pair to the 1.0575 space of curiosity. As you’ll be able to see, the extent is close to a descending channel resistance and is true across the chart’s 200 SMA.

Then once more, USD might regain assist as quickly as extra headlines are available.

EUR/USD merchants who take their cues from the unbroken 1.0560 resistance, the 100 SMA, and Stochastic‘s overbought sign could make one other play for the Double Backside assist close to 1.0535.