EUR/USD recovers after Lagarde says “the game is not over” with inflation. Slow economic growth and sticky inflation in the Eurozone could weigh on EUR/USD. Federal Reserve Chairman Powell talks about keeping rates higher for longer, and longer. It is still too early to say whether EUR/USD is undergoing a correction of the downtrend or a reversal, given the strong bullish recovery so far – of 80 pips in 36 hours – keeps bullish hopes alive.
0700 could act as an obstacle to the recovery and see a rotation back down. The level will, in any case, offer technical resistance and provide a rallying point for bears even if their cause is doomed. A break below the 1.0601 April lows would post a lower low and indicate a continuation of the downtrend. After that, the next concrete target is at 1.0446, the October 2023 low. Euro FAQs What is the Euro? The Euro is the currency for the 20 European Union countries that belong to the Eurozone.
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