EUR/USD is trapped in the 1.0500-1.0640 as Fed speakers lay the ground for 50-bps rate hikes By christianborjon EURUSD Majors Macroeconomics Technical Analysis
, which threatens to “miss” a soft landing and spur a recession, alongside China’s zero-tolerance coronavirus restrictions, and the Ukraine-Russia war, loom the economic outlook.
Early in the week, reports from China showed that export growth slowed to its weakest in almost two years as Beijing’s Covid-19 restrictions halted factory production and crimped domestic demand. Also, the conflict between Ukraine – Russia seems to be at a dead end, with no advancement in hostilities and peace talks, as Russian President Vladimir Putin is preparing for a prolonged conflict, according to the Financial Times.
Elsewhere, the US economic docket would feature additional Fed speakers, with Neil Kashkari and Christopher Waller crossing the wires. Data-wise, US inflation figures will be unveiled on Wednesday, followed by prices paid by producers on Thursday and Consumer Sentiment on Friday.The EUR/USD remains neutral-downward biased, unable to break beyond the 1.0500-1.0640 area boundaries.
Upwards, the EUR/USD first resistance would be the 1.0600 figure. Break above would expose the 1.0640, top of the range above-mentioned, followed by a downslope trendline that passes near 1.0660-70. On the downside, the first support would be 1.0500. Latter’s breach would expose April’s 28 daily low at 1.0471, followed by January’s 2017 cycle lows at around 1.0340.
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