EUR/USD Remains Vulnerable as ECB Continues to Widen Pace of PEPP

EUR/USD has fallen more than 2.5% from the March high (1.2113) as European Central Bank President Christine Lagarde warns of a technical recession, and fresh update to the Euro Area’s Consumer Price Index (CPI) may do little to influence the exchange rate as the central bank continues to ramp up the pace of the pandemic emergency purchase programme (PEPP). The recent selloff in EUR/USD appears to be stalling ahead of the end of the month as it trades in a narrow range, with the Relative Strength Index (RSI) highlighting a similar dynamic as the indicator appears to be reversing course ahead of oversold territory. … (full story)

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