EUR/USD Meets Solid Support Around 1.1000 on Lagarde
The EUR/USD currency pair experienced a corrective decline and revisited the key level of 1.1000. However, it encountered solid support and bounced back afterwards. The Chairwoman of the European Central Bank (ECB), Christine Lagarde, stated in a press conference that inflation pressures remain strong and wage pressure is increasing. Many Board members suggested a 50 bps rate raise due to significant upside risks to inflation.
The EUR/USD is currently facing increased volatility as investors shift their focus to Lagarde’s press conference. After the ECB raised rates by 25 bps to 3.75%, the market remained inconclusive. The ECB stressed that underlying inflation remains strong and future decisions will aim to make rates sufficiently restrictive.
TRADE IDEA DETAILS
CURRENCY PAIR: #EURUSD
CURRENT TREND: Corrective decline
TRADE SIGNAL: ↘️Sell
👉ENTRY PRICE: 1.0995
✅TAKE PROFIT: 1.0909
❌STOP LOSS: 1.1055
With Chair Lagarde's comments about the need for more tightening and the uncertainty of the transmission of past rate raises, we believe that EUR/USD is likely to continue its corrective decline. Therefore, we recommend selling EUR/USD at 1.0995 with a stop loss at 1.1055 and a take profit target at 1.0909.
The EUR/USD is currently facing increased volatility as investors shift their focus to Lagarde’s press conference. After the ECB raised rates by 25 bps to 3.75%, the market remained inconclusive. The ECB stressed that underlying inflation remains strong and future decisions will aim to make rates sufficiently restrictive.
TRADE IDEA DETAILS
CURRENCY PAIR: #EURUSD
CURRENT TREND: Corrective decline
TRADE SIGNAL: ↘️Sell
👉ENTRY PRICE: 1.0995
✅TAKE PROFIT: 1.0909
❌STOP LOSS: 1.1055
With Chair Lagarde's comments about the need for more tightening and the uncertainty of the transmission of past rate raises, we believe that EUR/USD is likely to continue its corrective decline. Therefore, we recommend selling EUR/USD at 1.0995 with a stop loss at 1.1055 and a take profit target at 1.0909.