- Euro loses steam during Lagarde’s press conference.
- The dollar is supported by rising yields and US data.
EUR / USD fell with Chirtine Lagarde’s press conference and after US data, and with a recovery in the dollar. The pair had climbed to 1.2172, the highest level in a week, and is trading at 1.2140, still in positive territory for the day but far from the highs and again below 1.2150.
The data that were released from the US were mostly above expectations, standing out those of housing starts and the Philly Fed. Unemployment benefits also fell, although they remain at high levels.
The meeting of the European Central Bank did not leave great news. As expected, the central bank maintained interest rates and the purchase program. President Lagarde indicated that risks to growth are on the downside. She expects inflation to rise in the coming months. His words did not generate surprise.
From a technical point of view, the EUR / USD remains biased to the upside, but it will need to confirm above 1.2150 / 60 to be positioned for further raises. The intraday outlook will turn negative if there is a drop below the 20-hour moving average, which coincides with the 55, at 1.2125.
Technical levels
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