EUR/USD bulls look to 1.15 the figure for the week ahead, 50-hour EMA in focus By ross_burland EURUSD DollarIndex ECB Fed Currencies
Eyes on 1.15 the figure while markets access the divergence between the ECB and Fed.will start the week after a poor end to last following the market's risk-off reaction to key, yet disappointing, US data. EUR/USD ended the day down some 0.35% falling from a high of 1.1482 and breaking the figure to print a low of 1.1398. The pair recovered some ground to end at 1.1415 and remains in technically bullish territory for theUS Retail Sales fell a steep 1.9% MoM, with control group sales down 3.
Additionally, January preliminary University of Michigan Consumer Sentiment dropped to 68.8 vs 70.6. Of note, current conditions are now at their lowest level in a decade and future conditions are down as well. Inflation expectations edged higher again and this aligns with sentiment surrounding the Federal Reserve. chairman, Jerome Powell
Nevertheless, the divergence between the Fed and the Europen Central Bank is underpinning the greenback. ECB officials are not supporting the notion of a 2022 lift-off. Conversely, the Fed's funds target is expected to rise as early as March and could increase by 1% between now and the end of this year.Given the recent slide and corrective behaviour in the US dollar on Friday, the week ahead will offer an interesting technical scenario for EUR/USD on the approach to 1.15 the figure.
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