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Hovers above 1.0900 on ECB Lagarde’s hawkish comments

November 22, 2023| Forex Market

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  • EUR/USD strengthened as ECB President Lagarde stated that it is premature to declare victory over inflation.
  • The pair could re-attempt to reach the 1.1000 psychological level as technical indicators support the upward trend.
  • The psychological level at 1.0900 acts as the immediate support backed by the seven-day EMA at 1.0874.

EUR/USD attempts to recover its losses recorded in the previous session, trading slightly higher around 1.0910 during the Asian session on Wednesday. The European Central Bank (ECB) President Christine Lagarde’s hawkish statements overnight provide some support for the EUR/USD pair.

President Lagarde stated at a Berlin event that it is too early to declare victory over inflation and that bets based on short-term data flow are premature.

The technical indicators for the EUR/USD pair support the current upward trend. The 14-day Relative Strength Index (RSI) above 50 indicates bullish sentiment, indicating that the pair is gaining momentum.

Furthermore, the Moving Average Convergence Divergence (MACD) line is above the centerline, with divergence above the signal line, indicating that the EUR/USD pair could re-attempt to target the barrier at the 1.1000 psychological level, following August’s high at 1.1064.

On the downside, the psychological level at 1.0900 emerges as the immediate support, following the seven-day Exponential Moving Average (EMA) at 1.0874 followed by the next major level at 1.0850. A decisive break below the level could put pressure on the EUR/USD pair to navigate the region around the 23.6% Fibonacci retracement at 1.0841.

EUR/USD: Daily Chart

 

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