EUR/USD reacts to Lagarde's comments

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The Euro has surged against peer currencies, as the President of the European Central Bank Christine Lagarde commented that the ECB would hike interest rates in July. The EUR/USD reached to the news with a surge of 78 points or 0.73%, which resulted in the rate reaching the 1.0675 level. The 1.0675 acted as resistance, which caused a retracement to the 1.0650 mark.

If the currency pair declines below the 1.0650 mark and the weekly R1 simple pivot point at 1.0649, it could immediately find support in the previous May high level zone at 1.0626/1.0643. Further below, note the 1.0600 mark and the approaching 50-hour simple moving average.

On the other hand, a continuous recovery of the Euro against the USD might encounter resistance in the 1.0675 and 1.0700 levels, before reaching the weekly R2 simple pivot point at 1.0737.
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Mon, 23 May 2022 13:11:47 GMT

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