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EURUSD: EURUSD Rises to Fresh 4-Month High Ahead of ECB

EURUSD
  • EURUSD (+0.37%) has risen to 1.0945 in recent trade, the highest level since March 14. The single currency had traded in a relatively subdued manner this morning, weighed by weakness in both EURGBP and EURJPY, however, the broader USD pessimism is now filtering through across the G10 space.
  • A clear break of key resistance at 1.0916, Jun 4 high, had been the next key hurdle for bulls and price action confirms the bullish trend structure for the pair.
  • Above here, 1.0981 the Mar 3 high is the next point on the chart and might come into play ahead of tomorrow’s ECB decision and press conference. Support to watch is 1.0798, the 20-day EMA.
  • With no material developments on the data front since June and various GC members playing up the importance of quarterly projection meetings, the ECB will keep policy rates unchanged this week. Our preview is here: https://roar-assets-auto.rbl.ms/files/65234/ECB%20Preview%20July%202024.pdf

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