EURUSD | Await Interest Rate Decision From FED and ECB | 13-17/5
Throughout the past week, EUR/USD exhibited mixed dynamics, primarily driven by expectations concerning potential interest rate cuts by the US Federal Reserve (Fed) and the European Central Bank (ECB). Statements by officials from both central banks, as well as economic macro-statistics, either heightened or lowered these expectations.
CB Chief Economist Philip Lane stated that the Executive Board of the bank has compelling arguments for a rate cut at the 6 June meeting. Another ECB representative, Lithuanian Central Bank head Gediminas Simkus, indicated that rate cuts should not be limited to June, suggesting it could happen thrice by the end of the year. However, while the likelihood of easing (QE) in June is near 100%
Technical Analysis
On daily chart, Resistance from the SMA 200 at 1.07875 level showing a weakening EUR to the Dollar. Failing to cross this Level could break the EURUSD to the support level at 1.06764
On 4H Chart, EURUSD trading above SMA20, RSI trading Above at 54. This indicate the bull still in control . The resistance at May high of 1.0810 is likely the first barrier.
CB Chief Economist Philip Lane stated that the Executive Board of the bank has compelling arguments for a rate cut at the 6 June meeting. Another ECB representative, Lithuanian Central Bank head Gediminas Simkus, indicated that rate cuts should not be limited to June, suggesting it could happen thrice by the end of the year. However, while the likelihood of easing (QE) in June is near 100%
Technical Analysis
On daily chart, Resistance from the SMA 200 at 1.07875 level showing a weakening EUR to the Dollar. Failing to cross this Level could break the EURUSD to the support level at 1.06764
On 4H Chart, EURUSD trading above SMA20, RSI trading Above at 54. This indicate the bull still in control . The resistance at May high of 1.0810 is likely the first barrier.
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