There is perhaps only one to consider on this day, as shown in broad less.
This is for the EUR/USD pair at the level of 1.1600. The dollar fell yesterday amid a marked improvement in risk sentiment, with US President Trump looking to end the war in Iran and declare “victory” – whatever that means.
That was enough to keep shares supported along with some rebalancing at the end of the month and the end of the quarter. As for the dollar, it has generally declined, leaving traders in a dilemma to start trading in the month of April.
Trump is scheduled to address the nation later this evening and is scheduled to “provide an important update on Iran.” Given that he has already reached the pain threshold in the markets regarding the war, we may see him calling for an end to the conflict. This may raise questions about what happened over the past month, given the lack of any tangible progress in pressuring Iran to reach a nuclear agreement.
For the markets, it’s all about the Strait of Hormuz. A US withdrawal may help raise risk appetite only on the condition that it leads to the reopening of the Strait. It is now all up to Iran whether it makes this decision and whether it wants to give up this influence.
Coming back to the expiry periods, those for EUR/USD are not linked to any technical significance. But with the dollar a bit weaker now, expiries combined with offers could work to limit price action in European morning trade at least. This is while we await Trump’s speech scheduled to be delivered later at 0100 GMT.
For more information about how this data is used, you can refer to this post here.
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