➡️ The currency pair came under increased bearish pressure earlier in the week and dropped to almost a 2-week low near 1.0950.
Rising US Treasury yields amid rising expectations for a 50 basis point Fed rate hike in May help the dollar outperform its peers early Monday. The benchmark 10-year US Treasury yield is at its highest level since May 2019 at around 2.5%, while the US dollar index is up 0.4% intraday and is now at 99.20.
ECB President Christine Lagarde said the ECB does not see a significant risk of stagflation in assessing incoming data. “In all scenarios, inflation is expected to decline and settle at levels near the bank's target of 2% in 2024. These comments are more likely to have led to a decrease in demand for the single currency.
Meanwhile, European stock indices opened on Monday with a strong rise, but the improvement in market sentiment does not seem to lead to a confident recovery in EURUSD yet.
Technically, the instrument is within the range 1.08215 - 1.11307. At the base of this range 1.09295 - 1.08215 there is a support area from which growth to the upper border of this range is expected.
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👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
Rising US Treasury yields amid rising expectations for a 50 basis point Fed rate hike in May help the dollar outperform its peers early Monday. The benchmark 10-year US Treasury yield is at its highest level since May 2019 at around 2.5%, while the US dollar index is up 0.4% intraday and is now at 99.20.
ECB President Christine Lagarde said the ECB does not see a significant risk of stagflation in assessing incoming data. “In all scenarios, inflation is expected to decline and settle at levels near the bank's target of 2% in 2024. These comments are more likely to have led to a decrease in demand for the single currency.
Meanwhile, European stock indices opened on Monday with a strong rise, but the improvement in market sentiment does not seem to lead to a confident recovery in EURUSD yet.
Technically, the instrument is within the range 1.08215 - 1.11307. At the base of this range 1.09295 - 1.08215 there is a support area from which growth to the upper border of this range is expected.
➖➖➖➖➖➖➖
👍Thanks for your comments and likes👍
👇🔥LINKS TO PREVIOUS IDEAS AND FORECASTS🔥👇
