The EUR/USD recovered from three-month lows and rose to the 1.0760 area, reaching the highest level in six days. The upward move was driven by a weake
experienced its first loss in almost two weeks.
On Thursday, the European Central Bank will have its monetary policy meeting. The odds favor a modest interest rate hike, but a pause would not be a dramatic surprise. Uncertainty about the ECB's next steps weighed on the Euro last week. On Tuesday, the German ZEW Survey is due. The European Commission has lowered its growth forecast for 2023 from 1.1% to 0.8%, pointing Germany as the reason, with an expected contraction of 0.4%. The stronger position of the US economy continues to support the Greenback in the market. In the US, the next important report will be on Wednesday with theThe EUR/USD had its best day in over a week, rebounding after trading below 1.0700.
On the 4-hour chart, the bias favors the continuation of the rebound, particularly while above the 20-day Simple Moving Average at 1.0720. The pair is facing resistance around 1.0760, and another one may emerge at 1.0770. The bias is towards the upside, but there are several resistance levels ahead, indicating that upward movements could be slow. A consolidation above 1.0770 would strengthen the Euro. On the contrary, a drop below 1.0720 would weaken the common currency, exposing 1.0700.
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