My EUR/USD signal on 2nd March was not triggered, as there was no bullish price action when the support level at $1.0636 was first reached.
, I thought that level at $1.0636 looked pivotal, do I say that if we get two consecutive lower hourly closes below $1.0636, that would indicate a further fall is likely?The technical picture, despite the current market turmoil, is relatively unchanged. We are still seeing the price consolidate in the same area, but with wide swings which are quite tradable.
Markets are in a volatile mood due to the US banking crisis following the collapse of Silicon Valley Bank and Signature Bank. Added to this is the US CPI data due, which could put further pressure on the Fed to hike rates if the number comes in hot – but the Fed may feel unable to do that in case it puts further pressure on a vulnerable banking sector.
The US Dollar is generally weak, and if the data as expected shows a fall to 6%, or even lower, we will likely see an upwards movement here. I think the best approach today will be to stand aside until after the US CPI release, and trade accordingly. The Euro is quite strong, so if the data is low, there could be a good long-trade opportunity here.
Regarding the USD, there will be a release CPI data at 12:30pm London time. There is nothing of high importance due today concerning the EUR.
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