EUR/USD gives way after failing to break above the 1.08 level. The Scotiabank economists expect the pair to test Monday’s low near 1.0660.
Awaiting ECB comments
“ECB officials continue to shrewdly manage rate expectations, with rhetoric supporting prospects for further tightening. This is ECB President Christine Lagarde speaking today. It is Comments likely to reaffirm outlook for another 50 basis point hike in March and further hikes depending on data (ie a likely downside to 25 basis point increases) thereafter.”
“The failure and rejection of the euro (via a bearish out-of-range signal on the 6-hour chart) against yesterday’s resistance around 1.08 seals the short-term technical outlook for the single currency and points to a new test of Monday lows near 1.0660. A break below this level points to a drop to 1.05”.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
