The EUR/USD currency pair
- Prev Open: 1.0904
- Prev Close: 1.0841
- %chg. in the last day: 0.58 %
For the last month, the inflation rate in the Eurozone declined from 8.5% to 6.9% on an annualized basis. However, the core inflation (excluding food and energy prices), remains constant. Last month’s increase was 0.1%, annualized at 5.6% to 5.7%, which is a new record. Christine Lagarde, the head of the ECB pointed out that while core inflation remains high, it is not too high and that the economy is strong, resilient, and that the financial system will not be affected by recent banking stress. Thus, analysts are betting on another 0.5% rate hike at the May meeting of Europe’s Central Bank.
- Support levels: 1.0770, 1.0680, 1.0519, 1.0482
- Resistance levels at 1.0839 and 1.0924.
On an hourly basis, the EUR/USD currency pairing trend is bullish. The price is currently correcting and trading below its moving averages. The MACD indicator is currently in the negative zone with no sign of divergence. Buy trades are best considered from the support level of 1.0770, but only with confirmation. It’s worth buying after…