What impact do the bullish comments on the U.S economy and future U.S rate hikes from the new Federal Reserve Chairman Jerome Powell have on the Euro? Learn this on the 28 February EURUSD Intraday Technical Analysis.
28 February, OctaFX – The euro has fallen sharply lower against the U.S dollar, following bullish comments on the U.S economy and future U.S rate hikes from the new Federal Reserve Chairman Jerome Powell. The EURUSD pair has so far found technical support just above the February price-low, located at 1.2203, with price-action now trading around the 1.2220 region.
EURUSD traders now look towards the release of the Eurozone February Consumer Price Index, and U.S fourth-quarter GDP and CORE PCE data later today.
28 February EURUSD Intraday Technical Analysis
The EURUSD pair is strongly intraday bearish whilst trading below the 1.2273 level, further losses towards the 1.2203 and 1.2161 levels seem possible.
Should EURUSD price-action move back above the 1.2273 level, buyers may test back towards the 1.2292 and 1.2350 resistance level.
This article about 28 February EURUSD Intraday Technical Analysis was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
Also, speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved.