All eyes are on whether we'll see any clear movement in the euro-dollar pair, which is currently in a state of equilibrium.

All eyes are on whether the euro-dollar pair, which is currently in a state of equilibrium, will show any clear movement.

09.03.2023

The previous day, the U.S. dollar traded in a tight range against the euro, swayed by remarks made by Federal Reserve Chair Powell during his second day of congressional testimony.The EUR/USD pair traded in a range between 1.0524 and 1.0573, with prices fluctuating sharply, particularly during Fed Chair 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 strengthening 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, traders should be wary of a potential decline from European trading hours through the weekend.

Today, at 21:30 U.S. time, the U.S. Challenger layoff forecast will be released; at 22:30, U.S. initial jobless claims; at 24:00, remarks by Fed Vice Chair Bar; and at 24:30, U.S.weekly natural gas inventories, at 27:00 a U.S. 30-year Treasury auction, at 27:30 a speech by Rogers, Senior Deputy Governor of the Bank of Canada, at 6:30 the following day the NZ Manufacturing PMI, and at 6:45 the NZ Q4 Manufacturing Sales figures.I intend to carefully monitor price movements to see if we’ll see any clear direction in the euro/dollar pair, which is currently in a state of equilibrium.