FX.co ★ EUR/USD analysis for March 04 2021 - Sellers in control and potential for test of our downside target at 1.1990-1.1955

Earlier this week, there was talk of a possible 1.5 mil bpd increase to output but thereafter there were murmurs that the cuts may even stay unchanged through to April.

The latest is that Russia is seeing a roughly 500,000 bpd deficit in the market and wants to push forward with an output increase to match that - bringing up its own quota by 125,000 bpd, according to JP Morgan (h/t @ Amena__Bakr).

Essentially, all options are still on the table and this is one of those rare meetings where the market is left guessing on decision day itself.

Further Development

Analyzing the current trading chart of EUR/USD, I found that our bearish view from yesterday is progressing good and that EUR is heading towards our profit targets.

My advice is still to focus on selling opportunities on the rallies with the downside targets at 1,1990 and 1,1955.

Key Levels:

Resistance: 1,2045

Support levels: 1,1990 and 1,1955.