All eyes are on whether we will see any clear movement in the euro-dollar pair, which is currently in a stalemate.

All eyes are on whether we will see any clear movement in the euro-dollar pair, which is currently in a stalemate.

09.03.2023

The previous day, the U.S. dollar was swayed by remarks made by Federal Reserve Chair Powell during his second day of congressional testimony, resulting in a mixed performance against the euro. The EUR/USD pair traded in a range between 1.0524 and 1.0573, with prices fluctuating sharply, particularly during Powell’s testimony.On the daily chart, the EUR/USD pair appears to be forming a triple top pattern. Currently, the 200-day EMA is acting as support, but if the pair breaks below the 200-day EMA, it could drop into the 1.046 range, so we need to carefully monitor price movements.

Among European currencies, the Swiss franc fell slightly against the firm Japanese yen. The CHF/JPY pair dropped by just over 90 pips, from 146.152 to 145.215. On the 4-hour chart, it has formed a lower high.Currently during Asian trading hours, the CHF/JPY pair is trading above the 10-day moving average on the daily chart, and the uptrend line remains intact. However, as the RSI is showing signs of divergence, caution is warranted regarding a potential decline from European trading hours through the weekend.

Today, at 9:30 PM U.S. time, the U.S. Challenger Job Cuts report; at 10:30 PM, U.S. initial jobless claims; at 12:00 AM, remarks by U.S. Federal Reserve Vice Chair Bar; at 12:30 AM, U.S. weekly natural gas inventories; at 3:00 AM, the U.S. 30-year Treasury bond auction;at 27:30, remarks by BOC Senior Deputy Governor Rogers; at 6:30 the following day, New Zealand Manufacturing PMI; and at 6:45, New Zealand Q4 Manufacturing Sales. I intend to carefully monitor price movements to see if we will see any clear direction in the currently range-bound EUR/USD pair.