U.S. Dollar Remains Under Strong Pressure: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

U.S. Dollar Tests New Lows

U.S. Dollar Index remains under pressure as traders react to the Initial Jobless Claims report. The report indicated that 221,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 235,000.

In case U.S. Dollar Index stays below the 104.30 level, it will move towards the next support level, which is located in the 103.20 – 103.40 range. It should be noted that RSI is in the oversold territory, so the risks of a rebound are increasing.

EUR/USD Gains Ground After ECB Decision

EUR/USD moved higher as traders focused on the ECB Interest Rate Decision. The ECB cut the interest rate from 2.9% to 2.65%, in line with analyst estimates.

If EUR/USD climbs above the 1.0850 level, it will head towards the nearest resistance level at 1.0920 – 1.0935.

GBP/USD Pulls Back From Recent Highs

GBP/USD is mostly flat after the release of UK Construction PMI report, which showed that UK Construction PMI decreased from 48.1 in January to 44.6 in February.

A move below the 1.2850 level will push GBP/USD towards the support level at 1.2810 – 1.2830.

USD/CAD Is Losing Ground As Traders React To Tariff News

USD/CAD pulled back as traders reacted to reports indicating that Donald Trump would defer tariffs on goods and services under the USMCA agreement.

In case USD/CAD settles below the 1.4250 level, it will head towards the next support level at 1.4150 – 1.4170.

USD/JPY Attempts To Settle Above 148.00

USD/JPY rebounded from recent lows as traders focused on rising Treasury yields. The yield of 10-year Treasuries settled above the 4.30% level, providing support to USD/JPY.

If USD/JPY stays above the 148.00 level, it will head towards the resistance level at 149.00 – 149.50.

For a look at all of today’s economic events, check out our economic calendar.