EUR/USD to come under renewed bearish pressure unless pullback of Russian troops

Geopolitical headlines have been driving the EUR/USD pair's action. Euro is set to stay fragile unless pullback of Russian forces is confirmed, FXSTreet’s Eren Sengezer reports.

West is yet to confirm a pullback of Russian forces

“In case the west confirms that Russian forces are pulling back, the euro could find demand on improving market mood. On the other hand, the dollar is likely to preserve its strength as long as the geopolitical uncertainty persists.”

“The first hurdle is located at 1.1400 (psychological level, Fibonacci 23.6% retracement of the latest uptrend) ahead of 1.1450 (static level) and 1.1480 (static level).”

“On the downside, key support seems to have formed at the 1.1340/1.1350 area (Fibonacci 38.2% retracement, 200-period SMA) before 1.1320 (100-period SMA) and 1.1300 (psychological level, Fibonacci 50% retracement).”

See: EUR/USD to tick down toward the 1.1300 level – ING