Euro's Next Moves: Biden, Powell, and Inflation Data

8 juil.

The euro held steady at $1.0825 on Monday, recovering from a dip to $1.0815 as traders absorbed the surprising French election results, which saw a leftist alliance lead both the centrists and the right in the number of sets gained.

Key drivers for the EURUSD's next moves include Biden's potential resignation, upcoming bank earnings, Powell's testimony in Washington, and US CPI and PPI data, alongside Hurricane Beryl's developments.

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Both monthly and daily RSIs for EUR/USD are on the rise but remain below overbought levels, suggesting continued upward momentum. Should US inflation data show further declines, EUR/USD could aim for the 1.09395 mark. Conversely, higher-than-expected inflation figures might reverse this bullish trend, potentially pushing the pair back to the well-established lows of 1.0600.