• 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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD stays below 0.9800 after US inflation data

EUR/USD stays below 0.9800 after US inflation data

EUR/USD continues to trade in negative territory below 0.9800 in the American session on Friday. The data from the US showed that the annual PCE inflation declined to 6.2% in August but the stronger-than-expected core reading didn't allow the pair to gain traction.

EUR/USD News

GBP/USD rebounds from daily lows, reclaims 1.1100

GBP/USD rebounds from daily lows, reclaims 1.1100

GBP/USD fell to a fresh daily low below 1.1030 but managed to reverse its direction and climbed above 1.1100 during the American trading hours on Friday. The pair remains on track to snap a two-week losing streak despite having suffered heavy losses earlier in the week.

GBP/USD News

Gold extends daily rally beyond $1,670

Gold extends daily rally beyond $1,670

Gold preserved its bullish momentum and rose above $1,670 after the mixed inflation data from the US on Friday. The benchmark 10-year yield is down more than 2% as markets look to wrap up the third quarter, fueling XAU/USD's daily rally. 

Gold News

Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shiba Eternity download day the biggest bullish catalyst in SHIB history?

Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity games for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for Shiba Inu price. 

Read more

SPDR S&P 500 ETF Trust (SPY) Forecast: We are teetering on the brink

SPDR S&P 500 ETF Trust (SPY) Forecast: We are teetering on the brink

Equity markets remain at the precipice of a technical collapse, which we examine in the weekly long-term chart below. The overall picture remains one of nervousness ahead of the upcoming Q3 earnings season.

Read more

Forex MAJORS

Cryptocurrencies

Signatures