The EUR/USD experienced a modest rise on Monday following its lowest daily close in two months on Friday. The pair remains above the 1.0770 area but f
President Christine Lagarde did not provide any new information on Monday. She emphasized the importance of central banks anchoring inflation expectations while relative price changes take place. However, her comments did not generate any significant market reaction.
On Tuesday, the final reading of the Services PMI in the Eurozone will be released. Market expectations do not anticipate any revisions, so significant changes could impact the Euro. Eurostat will also release the ProducerThe US Dollar experienced a modest pullback on Monday, as the session was quiet with US markets closed. On Tuesday, Factory Orders data will be released.The bias in EUR/USD remains tilted to the downside. The area around 1.
On the 4-hour chart, the downside risk persists, although losses are limited as long as the pair remains above 1.0760. A test of this support level may occur while staying below 1.0800. A recovery above 1.0830 would indicate a stronger Euro in the near term. Currently, technical indicators do not provide convincing signals, with the MACD still favoring the downside and the Relative Strength Index remaining below 50.
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