The EUR/USD pair will likely have a bearish breakout and drop to the 20-year low of 1.0280.
Timeline: 1-3 days.The EUR/USD made a major bearish breakout last week as investors focused on the weakening of the European economy and the overall bullish US dollar. The pair slumped to a low of 1.0350, which was the lowest level since 2017. A slight decline below this level will push the pair to the lowest level since 2002.The European economy has been under serious strain in the past few months because of the situation in Ukraine.
At the same time, the bloc is struggling from an increased shortage of wheat and other industrial metals like steel and aluminum. Therefore, analysts expect that the bloc’s inflation will keep rising in the coming months. The other key numbers will come on Tuesday, when the agency will release the preliminary GDP and employment change numbers. Economists believe that the economy expanded by 5.0% in the quarter. Christine Lagarde will also deliver a speech, a week after she signaled that that the bank will hike interest rates.
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