EUR/USD climbs following “dovish” FOMC minutes approaching 1.1400 By christianborjon EURUSD Majors Macroeconomics Sentiment Fed
Russia/Ukraine conflict headlines dominate the session
The conflict between Russia and Ukraine has kept the market mood continuously swinging since last Friday, putting macroeconomic data aside. On Tuesday, Russian officials reported the withdrawal of troops near the border of Ukraine. However, developments in the last couple of hours suggested that ten new Russian battlegroups approached the border, as reported by Estonian and Ukraine intelligence, according to Reuters.In the meantime, the Federal Reserve released its January meeting minutes.
However, the Committee emphasized that they would remain data-dependent and track the economic and financial developments. It is worth noting thatBack to the EUR/USD, the pair reacted upwards, to 1.1395, but geopolitical jitters put a lid on the move, retreating afterward to the 1.1380 area.neutral biased, trading within the 50 and the 100-day moving averages lying at 1.1328 and 1.1403, respectively. That said, any up/down break of the DMAs above can provide EUR/USD traders with a clear trend.
That said, if EUR buyers reclaim the 100-DMA, that will open the door for further gains. The EUR/USD first resistance would be February 11 daily high at 1.1430, followed by February 4 high at 1.1483 and the February 10 YTD high at 1.1494. On the flip side, the break of the 50-DMA would send the EUR/USD towards 1.1300. Breach of the latter would expose December 15, 2021, 1.1221 daily low, followed by 1.1200.
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