EUR/USD: Pair Could Consolidate
| Mar 01, 2022 04:42AM ET
Looking at EUR/USD chart, we can see the inability to hold on in the 1.135, and as the invasion fears intensified past week, it led to the fall below the 1.12750, and well into the 1.115 range, reaching as low as 1.11 on Feb. 25.
Since then, it managed to bounce back up in the 1.12 range but struggled to get above the 1.1275. Yesterday, there was a gap down as soon as the session started, causing the fall to 1.1125, and once again, there was the climb into the 1.12 range. It was last found trading around the 1.122 range, having the 1.11 as closest support and closest overhead resistance of 1.1275 level.
Today we could expect a consolidation at the current range or an attempt to climb towards the 1.1275 closest resistance level. If, however, it does not manage to hold above the 1.12 range, then a move towards and below the 1.11 support level can be expected.
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