FX.co ★ EUR/USD analysis for March 09 2021 - Intraday overbought condiiton and potential for downside rotation towards 1.1850

US February NFIB small business optimism index 95.8 vs 97.0 expected

Latest data released by NFIB - 9 March 2021

• Prior 95.0

The data is released a little earlier than scheduled. The reading shows a slight improvement relative to January but misses on estimates. Poor weather conditions tempered with business activity but at least things are improving slightly. The uncertainty index fell further to 75 from 80 in January - the lowest reading since April last year.

Further Development

Analyzing the current trading chart EUR/USD, I found that the buyers got exhausted today and the downside rotation would be probably to correct strong upside movement from this morning.

Key Levels:

Resistance: 1,1915

Support levels: 1,1850