Daily Market Analysis 16.03.2023: EURUSD

Instrument: EURUSD

Technical Analysis

Bullish Preference:  
A Buy position is envisaged if the price trades above 1.06409  with take profit at 1.06676
Bearish Preference: 
A Sell position is envisaged if the price trades below 1.06167  with take profit at 1.05884
1:30pm USD Unemployment Claims

The difficulties in the global banking sector has put the spotlight on the European Central Bank’s meeting later in the session. The ECB had previously signaled the likelihood of another interest rate increase of 50 basis points as underlying Eurozone remained elevated, but the banking turmoil moving closer to home could prompt the policy makers to opt for a more cautious stance. Currencies kept to a tight range on Thursday amid renewed concerns over a U.S. and European banking crisis, with investors largely pivoting into safe haven currencies amid fears of broader economic headwinds.

Analysis: SCRUM Team

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