Euro failed attempt to extend gains towards 1.0600 increases the chances of lower lows EUR EURUSD $EUR $EURUSD
The American dollar retains its overall strength despite an improved market mood.The EUR/USD pair
Market players have temporarily put aside growth-related concerns and shifted their focus to central banks’ announcements. The Reserve Bank of Australia disclosed its decision to hike rates by 25 bps early on Tuesday, more than the general agreement of 15 bps. The US Federal Reserve and the Bank of England will have monetary policy meetings later in the week, and both are expected to be more aggressive and hike by 50 bps., which jumped to 36.8% YoY from 31.
The 4-hour chart suggests that the bullish potential remains limited. The pair failed to extend gains beyond a flat 20 SMA and now hovers around it. Technicalhave lost their early momentum and are now stuck around their midlines, below their early highs. Overall, bears retain control, with the pair looking to break below the year’s low at 1.0470, en route to 1.0339, a multi-year low posted in January 2017.
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