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100-DMA Under Attack

EUR

EUR/USD has had a look above its 100-DMA for the first time since February amid continued greenback weakness, after that moving average capped gains on Wednesday.

  • Technical backdrop is turning more bullish after the rate breached its 50-DMA earlier this week and staged a firm return above parity yesterday, completing a double bottom pattern in the process.
  • Topside momentum is supported by expectations that the Fed might pivot to a slower pace of rate hikes as tightening delivered to date is taking its toll.
  • At typing, EUR/USD deals +9 pips at $1.0090, just above its 100-DMA, with bulls setting their sights on key resistance from Sep 12 high located at $1.0198.
  • The ECB is expected to lift interest rates by 75bp today, the second jumbo-sized hike in a row. The announcement will be followed by a press conference with President Lagarde.
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