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This week, we have Chairman Powell's congressional testimony ahead of the March FOMC, and the ECB monetary policy meeting scheduled for the 7th. There is a high possibility that the long-term movement of the euro will be determined during this period, and even a reversal of the trend can be anticipated. Chairman Powell is expected to face demands for rate cuts from the Democrats and banking regulation from the Republicans during this testimony.
- Chairman Powell's speech is scheduled for March 6th to 7th.
- ECB monetary policy meeting is scheduled for March 7th.
- US non-farm payrolls and unemployment rate will be announced on March 8th.
The euro is forming a downward trend, with short-term rises supported around the 1.07000 level. While there may be a process of retesting previous highs, a long-term downward trend towards the lower trend line or previous lows is expected. If Chairman Powell makes bearish remarks, there is a high possibility of breaking the previously supported 1.07000 level and experiencing rapid downward pressure, while conversely, there is an expectation of a rise to retest the upper trend line up to the previous high if he makes bullish remarks.
The currently expected movements are:
1. Breaking the previously supported 1.07000 level and a short-term decline to the 1.04500 level.
2. Continuing the current rebound, retesting the resistance at 1.10000, then experiencing a medium to long-term decline to the 1.04500 level.
These two movements are anticipated, and ultimately, a decline to the lows is expected. If there are any unexpected movements, we will analyze and adjust our strategy accordingly.
Please share your personal opinions in the comments. We kindly ask for your support by subscribing and boosting.
This week, we have Chairman Powell's congressional testimony ahead of the March FOMC, and the ECB monetary policy meeting scheduled for the 7th. There is a high possibility that the long-term movement of the euro will be determined during this period, and even a reversal of the trend can be anticipated. Chairman Powell is expected to face demands for rate cuts from the Democrats and banking regulation from the Republicans during this testimony.
- Chairman Powell's speech is scheduled for March 6th to 7th.
- ECB monetary policy meeting is scheduled for March 7th.
- US non-farm payrolls and unemployment rate will be announced on March 8th.
The euro is forming a downward trend, with short-term rises supported around the 1.07000 level. While there may be a process of retesting previous highs, a long-term downward trend towards the lower trend line or previous lows is expected. If Chairman Powell makes bearish remarks, there is a high possibility of breaking the previously supported 1.07000 level and experiencing rapid downward pressure, while conversely, there is an expectation of a rise to retest the upper trend line up to the previous high if he makes bullish remarks.
The currently expected movements are:
1. Breaking the previously supported 1.07000 level and a short-term decline to the 1.04500 level.
2. Continuing the current rebound, retesting the resistance at 1.10000, then experiencing a medium to long-term decline to the 1.04500 level.
These two movements are anticipated, and ultimately, a decline to the lows is expected. If there are any unexpected movements, we will analyze and adjust our strategy accordingly.