Speaking from the European Central Bank, Vasle says:
- Waiting for data and open to possibilities on the price path
- A cut in interest rates in June would be reasonable
- GDP growth in A24 appears to be better than expected.
- Really interested in what is happening in the United States.
With Fed Governor Bowman talking more hawkish and Vassel (and other ECB officials preparing to cut rates in June), EURUSD remained near higher levels during the week. However, the resistance at 1.0875 – 1.0887 has attracted some sellers.
The current price is trading at 1.08674. It will make a move above the swing zone to disappoint sellers. On the downside, today's low price stopped against the 61.8% retracement of the downward move from the March high at 1.08354. A move below this level and the 100-day moving average at 1.08193 is needed to increase the bearish bias going forward.