In the European morning, the EUR/USD currency pair is making a recovery, edging closer to the 1.0800 level. This rebound comes as the US Dollar undergoes a correction across the board, despite a cautious market environment prevailing. Traders are closely monitoring speeches from both the European Central Bank (ECB) and the Federal Reserve's Chairman Jerome Powell for further insights into monetary policies. Despite expectations of more rate hikes by the ECB, the shared currency fails to find solace in these projections.
It is worth noting that ECB President Christine Lagarde has emphasized the necessity of combating persistently high inflation and acknowledged the presence of factors that could significantly increase inflationary risks. However, these remarks fail to impress bullish sentiment or provide any meaningful support to the EUR/USD pair. Investors are now turning their attention to the ECB Bulletin, hoping for some catalyst, while keeping a keen eye on Powell's appearance later in the day.
Regarding our technical analysis, we suggest considering a potential pullback around the previous resistance zone near the 61.8% Fibonacci retracement level as a basis for a new short setup.
It is worth noting that ECB President Christine Lagarde has emphasized the necessity of combating persistently high inflation and acknowledged the presence of factors that could significantly increase inflationary risks. However, these remarks fail to impress bullish sentiment or provide any meaningful support to the EUR/USD pair. Investors are now turning their attention to the ECB Bulletin, hoping for some catalyst, while keeping a keen eye on Powell's appearance later in the day.
Regarding our technical analysis, we suggest considering a potential pullback around the previous resistance zone near the 61.8% Fibonacci retracement level as a basis for a new short setup.
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