EUR/USD to head towards the 1.1700 level

The EUR/USD pair ended last week little changed, although it posted a lower low for the third consecutive week. EUR/USD briefly pierced the 61.8% retracement of its November/January rally at 1.1885, settling a handful of pips above it. The pair is at risk of falling further, according to FXStreet’s Chief Analyst Valeria Bednarik. 

Key quotes

“The macroeconomic calendar will include a US Federal Reserve Monetary Policy Meeting next week. The US central bank is widely anticipated to maintain rates and stimulus programs unchanged, mainly considering the better pandemic-related situation of the US.”

“The US will publish February Retail Sales seen at 0% MoM after printing at 5.9% in January. Germany will release the March ZEW Survey, with the Economic Sentiment expected to have contracted.”

“Resistance comes at 1.1970, the 50% retracement of the mentioned rally, followed by the 1.2070/80 area, the next relevant Fibonacci level and static resistance.” 

“Supports are the mentioned 1.1885 and 1.1820, with a break below the latter favoring an extension toward 1.1700.”