Euro keeps meeting sellers around the 1.1000 figure, pressure mounts EUR EURUSD $EUR $EURUSD
ECB’s President Christine Lagarde still confident inflation will ease by 2024.trades at around 1.0940 as the American session comes to an end, trimming early gains after reaching a fresh weekly high of 1.1019 during London trading hours. The latest bout of dollar demand came from Russia, as President Vladimir Putin said that Kyiv is not serious about finding a mutually acceptable solution. Also, the country submitted a request to leave the Council of Europe after being suspended on February 25.
European Central Bank President Christine Lagarde spoke at the WELT Economic Summit and noted that the uncertainty surrounding the economic outlook had increased dramatically, although she also said that inflation is stillData wise, the EU published January Industrial Production, which was down 1.3% YoY, much worse than anticipated. The German ZEW survey showed that Economic Sentiment plummeted to -39.3 in the country and to -38.7 in the EU in March.
On Wednesday, the focus will be on the US, as the country will publish February Retail Sales, foreseen up by a modest 0.4%, while the US Federal Reserve will announce itsdecision later in the day. The central bank is expected to raise rates at least by a quarter-point. In the case US officials decide so, market players could feel disappointed as the modest hike will do little to bring inflation down. From a technical point of view, the bullish potential for EUR/USD is quite limited.
The daily chart shows that the pair keeps developing below bearish moving averages, with the 20 SMA accelerating south below the longer ones. Technical indicators, in the meantime, remain directionless near oversold readings, reflecting the absence of buying interest. The 4-hour chart offers a neutral-to-bearish stance, as EUR/USD trades below a bearish 20 SMA, as the longer ones accelerate their slides above it. Technical indicators faltered around their midlines and are currently grinding lower within negative levels, hinting at lower lows for EUR/USD for the week.
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