The EUR/USD pair kicks off the new week on a positive move and moves away from a three-month low, around the 1.0685 zone touched last week. The uptick
is sponsored by notable US Dollar supply, albeit lacks bullish conviction. Spot prices remain below mid-1.0700s heading into the European session as traders seem reluctant to place aggressive bets ahead of this week's key US macro data and the crucial European Central Bank meeting. The US consumer inflation figures are due for release on Wednesday, which will be followed by the US Producer and monthly Retail Sales data on Thursday.
Apart from this, the uncertainty over the ECB's future rate-hike path contributes to capping the EUR/USD pair. It is worth mentioning that analysts remain divided on whether the ECB will hike interest rates for a 10th straight time amid still-hight inflation or pause its historic policy-tightening cycle in the wake of a darkening Euro Zone
On the flip side, the multi-month low, around the 1.0685 region, now seems to protect the immediate downside ahead of the May swing low, around the 1.0635 zone. Some follow-through selling, leading to a subsequent weakness below the 1.0600 mark, will be seen as a fresh trigger for bearish traders. Thepair might then prolong its well-established downtrend witnessed over the past two months or so and accelerate the fall towards the next relevant support near the 1.0525 area .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WTI Price Analysis: Remains confined in multi-day-old trading range, bulls have the upper handWestern Texas Intermediate (WTI) Crude Oil prices ticks lower during the Asian session on Monday, albeit lack follow-through selling and currently hov
Read more »
EUR/USD remains on the defensive above the 1.0700 mark, US CPI, ECB rate decisions eyedThe EUR/USD pair struggles to gain following the choppy action on Friday. The major hovers around 1.0710 during the early Asian session on Monday. The
Read more »
FX weekly — DXY and 14 currency pair levels and targetsThe prevaling and vital market story remains the EUR/USD and DXY relationship. EUR/USD by itself at low 1.0700's trades deeply oversold and the downsi
Read more »
Dangerous Pattern Emerging for ETH, Price Could Crash to $1.4K (Ethereum Price Analysis)Ethereum's price has taken a notably bearish turn, breaching several critical support levels and tilting on the verge of a concerning death cross. Despite
Read more »
Bulls Sign Quenton Jackson, Max Heidegger To Camp DealsBulls Sign Quenton Jackson, Max Heidegger To Camp Deals - RealGM Wiretap
Read more »
Here Are the Most Probable Scenarios for XRP in the Coming Days (Ripple Price Analysis)Ripple's price has been relatively stagnant over the past week, showing little intent to move in either direction. However, analyzing nearby support and
Read more »