• EUR/USD is holding above 1.0570 ahead of ECB Lagarde’s speech.
  • A significant rate hike by the ECB looks likely as the inflation rate has climbed above 8%.
  • The speech from Fed Powell will fade some clouds of uncertainty over the extent of July’s rate hike.

The EUR/USD pair is seeking some bids around 1.0580 and is expected to advance towards the round-level resistance of 1.0600. The asset is juggling in a narrow range of 1.0570-1.0586 from the early Tokyo session as investors are shifting their focus on speeches from European Central Bank (ECB) President Christine Lagarde and Federal Reserve (Fed) chair Jerome Powell on Tuesday and Wednesday respectively.

At the ECB Forum in Sintra, Portugal, ECB Lagarde is expected to provide insights on how aggressive the ECB can go to fix the eurozone inflation mess. It won’t be wrong to dictate that the ECB has taken the inflation monster lightly by not elevating its interest rates yet. This is the reason that the inflation rate in the eurozone has climbed above 8%. And, this Friday an escalation is expected from the prior release. Also, the market participants will focus on the roadmap to be dictated by ECB Lagarde for further monetary policy meetings.

Meanwhile, the US dollar index (DXY) has defined its range for auctioning till the availability of an effective trigger. The asset is oscillating in a range of 103.89-104.02 in the early European session. Going forward, the speech from Fed Powell will be of key importance as it will fade some clouds of uncertainty from the extent of the interest rate hike to be announced in July. It is worth noting that the upbeat US Durable Goods Orders will strengthen the Fed to feature policy tightening decisions fearlessly.

EUR/USD

Overview
Today last price 1.058
Today Daily Change -0.0006
Today Daily Change % -0.06
Today daily open 1.0586
 
Trends
Daily SMA20 1.0584
Daily SMA50 1.06
Daily SMA100 1.0839
Daily SMA200 1.1133
 
Levels
Previous Daily High 1.0615
Previous Daily Low 1.055
Previous Weekly High 1.0606
Previous Weekly Low 1.0469
Previous Monthly High 1.0787
Previous Monthly Low 1.035
Daily Fibonacci 38.2% 1.059
Daily Fibonacci 61.8% 1.0575
Daily Pivot Point S1 1.0552
Daily Pivot Point S2 1.0519
Daily Pivot Point S3 1.0488
Daily Pivot Point R1 1.0617
Daily Pivot Point R2 1.0648
Daily Pivot Point R3 1.0681

 

 

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