EUR/USD Rate on Cusp of Testing 200-Day SMA Ahead of ECB Rate Decision

EUR/USD trades to a fresh yearly low (1.1857) as longer-dated US Treasury yields continue to push above pre-pandemic levels, and the Relative Strength Index (RSI) may show the bearish momentum gathering pace as it flirts with oversold territory for the first since February 2020. EUR/USD extends the series lower highs and lows from the previous week amid the failed attempt to defend the January low (1.1952), and the Euro may continue to weaken against the Greenback ahead of the European Central Bank (ECB) meeting on March 11 as the US Dollar still broadly reflects an inverse relationship with investor confidence. It … (full story)

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