Euro is losing its bullish potential but still holding above the 1.1300 price zone EUR EURUSD $EUR $EURUSD
to headlines related to the Ukraine situation, as the conflict with Russia kept escalating after President Vladimir Putin asked and got Parliament’s authorization to deploy troops in the Donbass region to protect local people according to his own words.
Earlier in the day, Ukrainian President Volodymyr Zelenskyy said that he believed there would not be war nor a wider escalation. The EU and the US have anticipated tough sanctions on Russia, with leaders calling Putin’s recognition of two separatist regions of eastern Ukraine “a blatant violation” of international agreements.seesawed between gains and losses, but most European and American indexes turned red after posting modest intraday gains.
On the data front, Germany published the February IFO survey on Business Climate, which improved to 98.9 from 96, also beating the market’s expectations. The US February Markit flash PMIs showed a wider than anticipated expansion in both the services and the manufacturing sectors. Additionally, CB Consumer Confidence printed at 110.5 in February, down from the previous 111.1 but better than the 109.9 expected.
The 4-hour chart shows that the pair is still below converging and directionless moving averages, all of them confined to a 20 pips range. Technical indicators have turned flat below their midlines, reflecting the lack of buying interest.
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