The EUR/USD price pulled back ahead of a relatively busy market week in the financial market.
It rose to a high of 1.0615, a few points above last month’s low of 1.0533. Focus shifts to the upcoming statements by ECB and Fed officials and US non-farm payrolls data.continued. These concerns were reflected on the bond market. Data shows that the 10-year is hovering at 4% while the 30-year has moved to the 3.8% level. The 10-2 yield spread has crashed to the lowest level in decades while the 30-year mortgage rate has moved to 7%.
Therefore, the actions of the Federal Reserve will determine how the pair will trade in the coming days. Several Fed officials have reinforced the view that the Fed should continue hiking interest rates in the coming days. On Friday, San Francisco Fed chair, Mary Daly, said that she will support more tightening in order to fight the elevated“In order to put this episode of high inflation behind us, further policy tightening, maintained for a longer time, will likely be necessary.
Therefore, focus will be on a two-day testimony by Jerome Powell, the Fed Chair. In it, he will likely provide more details about what to expect in the coming months. ECB’s Christine Lagarde will also deliver a statement. The most important data will be the upcoming non-farm payrolls data schedule for Friday.The EUR/USD pair drifted upwards on Monday morning. As it rose, the pair moved slightly above the important resistance point at 1.0612, the lowest point on February 17.
The Relative Strength Index has moved above the neutral point at 50 while the MACD is at the neutral point. I suspect that the pair will retreat towards Jerome Powell’s testimony on Tuesday. If this happens, the pair will retest the support at 1.0575.
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