The EUR/USD pair peaked at 1.0545 on a quiet Monday, settling at around 1.0500. Markets were choppy throughout the second hand of the day amid a holi
testified before the Committee on Economic and Monetary Affairs of the European Parliament and repeated that the central bank intends to raise the key interest rate by 25 bps in their July policy meeting. Furthermore, she added that they will hike rates back in September as inflation is “undesirably high.”
The macroeconomic calendar will remain light on Tuesday for these two economies, as the EU will publish the April Current Account, while the US will release May Existing Home Sales.From a technical point of view, the pair is bearish, as per trading below a long-term descendant trend line coming from the year’s high at 1.1494. The daily chart shows that the pair remains well below a bearish 20 SMA, while the longer ones head firmly lower far above the shorter one.
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