Intraday Forex Thursday, March 11 (EURUSD, USDJPY, etc.) Dollar near 1-week low, focus shifted to the ECB meeting later today.


Hi everyone. This observation is made around 5:15 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian shares climbed on Thursday following recoveries in U.S. and Chinese equities, as falling bond yields eased concerns about surging inflation, while the outlook for global economic recovery brightened.
U.S. stimulus bill given the final approval on Wednesday. President Biden expected to sign the relief bill on Friday.

The dollar languished near 1-week lows on Thursday after benign data on U.S. consumer prices and Treasury yields decline led some investors to trim bets on a rapid acceleration in inflation.

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  • The euro mostly traded flat against dollar on Thursday, was quoted at $1.19272 per dollar.​
  • In focus ahead is on the monthly ECB meeting and press conference from ECB President Lagarde later in the day where policymakers are expected to send a message that they will prevent bond yields from rising further and harming the bloc’s economic outlook.​
  • ECB officials in recent weeks have reportedly described the rise in bond yields as “unwarranted tightening” and a situation that needs to be monitored closely.​
Important Levels to Watch for:​
  • Resistance line of 1.19701 and 1.20331.​
  • Support line of 1.18441 and 1.17811.​

  • The safe-haven yen eased 0.16% to 108.537 per dollar.​
  • The dollar gained on the low-yielding yen, supported both by the stabilizing Treasury yields and the upswing in risk aversion the bond rout has generated.​
  • The rally in stock indexes curbed the yen’s safe-haven appeal.​
  • Supportive for the yen was as the Bloomberg published a report that stated that the BoJ is said to look at ways to enable bond yields to fluctuate more as they try to improve the functioning of a bond market dominated by the central bank. Some of the BoJ officials want to generate more fluctuations in yields while sticking with the current movement range of around 20 basis points either side of the BOJ’s zero target on 10-year government debt. The policy review is scheduled to be held next week.​
  • Japan’s 10-year JGB futures were trading at 151.06 after falling as low as 150.90 yen Wednesday night.​
Important Levels to Watch for Today:​
  • Resistance line of 109.393 and 110.066.​
  • Support line of 108.047 and 107.374.​

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