EURUSD, fundamental and technical analysis for the week of February 24

to retreat EURUSD During trading today, Friday, at the end of the week, following the release of US consumer confidence data, which came in better than expectations, which helped the US dollar to rise, negatively affecting the euro's gains and pushing it to trade at the opening price of today's session.

Today, on the US economy, data from the University of Michigan consumer confidence index for February came to the actual reading at 96.3, higher than expectations that indicated a value of 96.1, while the previous reading recorded a value of 95.7.

The improvement in consumer confidence in the United States has restored the dollar to recover again against the major currencies after hitting its lowest level in a week, which helped the euro to lose the gains it recorded since the beginning of today’s trading, to help the US data to restore confidence in the performance of the American currency .

It is worth noting that the EURUSD pair is on its way to recording a decline on the weekly level in general, but the volatility remains dominating the performance of the pair, in light of the changes in the performance of the US dollar on the one hand and the negative pressure from political tensions in the euro area on the other hand.

EURUSD Technical Outlook

The EURUSD pair is trading at the level of 1.0559, after the price failed to breach the resistance level in conjunction with the presence of the 50 Fibo line, to bounce back towards the bearish trend as shown in the chart

Trading is now taking place below the level of the average moving indicator line, and both the MACD and Stochastic indicators show a negative crossover towards the bearish trend on the four-hour time frame.

Therefore, it is expected that EURUSD will continue its bearish trend, targeting 1.0520 in the short term

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Mohamed Abdel Khaleq

A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.

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