$EURUSD Forex Signal: More Upside as Lagarde Points to More Hikes
The pair rose to a high of 1.0976, the highest point since June 22nd. It has risen by more than 1% from the lowest point on Friday.The ECB will continue hiking interest rates in a bid to fight consumer and producer
The EUR/USD pair rose even after the strong economic data from the United States. According to the Conference Board, consumer confidence jumped from 102.5 in May to 109.7 in June. This increase was higher than the median estimate of 104. Consumer confidence is an important number since it is a good predictor of consumer spending.
Further data revealed that durable and core durable goods orders rose in May. The headline and core durable goods rose by 1.7% and 0.6%, respectively.The EUR/USD pair has made a strong bullish trend in the past few days. On the 4H chart, the pair moved above the first support level of the Andrews Pitchfork indicator. It has also moved to the 61.8% Fibonacci Retracement level.
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