ECBs Lane is on the wires saying:
- The new phase of policy will consist of meeting by meeting (MBM) approach to setting interest rates vs rate forward guidance.
- inflation is expected to remain high in the near term
- cyclical inflation forces will be subject to push – pull dynamics
- a steady pace in closing the gap to the terminal rate is important for several reasons
- long-term inflation expectations remain close to 2%
- the worst case scenario would be that the anchoring of inflation expectations
- near-term inflation expectations are quite elevated but long-term expectations remain close to 2%
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To read the full speech CLICK HERE
Technically, the EURUSD squeezed up to test/move above the 200 hour MA at 1.00169 currently. The price is below that level now trading above and below the parity level as I type. The 100 hour MA is back down at 0.9967 and would need to be rebroken to increase the bearish bias.
On the topside a move back above the 200 hour MA and the swing high from Thursday at 1.00328 would give buyers more victories inhe the short term technical picture with the 38.2% at 1.0078 as the next key upside target (move down from teh August high).
EURSUD tests 200 hour MA in early US trading
This article was originally published by Forexlive.com. Read the original article here.