EUR/USD consolidates the previous day’s losses around 1.1220, up 0.15% intraday as markets expect a halt in the Russia-Ukraine war despite witnessing the latest bombarding of Moscow over Kyiv. In doing so, the quote seesaws around daily highs during the early Friday morning in Europe.

The latest optimism could be linked to US President Joe Biden’s readiness to gather global leaders, virtually, to discuss the security situation in and around Ukraine, per the White House. Also, Thursday’s comments from Russia, like “Moscow is willing to negotiate the terms of Ukraine's surrender,” add to the market’s cautious optimism. On the same line were chatters that Ukraine President Zelenskyy said they need to discuss ceasefire with Russia.

EUR/USD retreats from 1.1220 during the initial Asian session on Friday, around 1.1190 by the press time.

The quote dropped to the lowest levels last seen during June 2020 before reversing from 1.1106 the previous day.

Even so, the major currency pair’s failure to stay beyond three-month-old horizontal support, around 1.1185-75, for longer joins bearish MACD signals to keep EUR/USD sellers hopeful.

The latest downside needs a clear break of 1.1175 to aim for the previous month’s low of 1.1121.

Following that, the latest bottom surrounding 1.1106 holds the key to a slump towards the 61.8% Fibonacci Expansion (FE) of the EUR/USD pair’s moves between September 2021 and February 2022, near the 1.1000 psychological magnet.

Alternatively, recovery moves can target the early February’s low near 1.1280 as a nearby aim. Though, a clear upside break of a two-week-long descending resistance line, near 1.1330 by the press time, will be necessary to confirm further advances.

In a case where EUR/USD remains firmer past-1.1330, double tops marked around 1.1480-85 will be crucial resistance to watch.

Bulls To Steer EURUSD From Above 1.1000

Feb 25 2022

Stop Loss -0.40%

Holding time 1d19hr

1.11650

Entry price

1.11200

Stop loss price