EURUSD is on the rise in recent days with great help from the ECB. Members of the European Central Bank struck a hawkish tone, including ECB President Lagarde. Lagarde has repeated this morning that rates in the euro area are likely to leave the negative area by the end of the third quarter of 2022. This has triggered another upward impulse on EURUSD market and the pair is currently making a break above 1.07 mark - the highest level since April 26, 2022. Pair is likely to remain active this morning during French and German PMI releases at 8:15 and 8:30 am BST, respectively. Apart from that, ECB Lagarde is set to deliver another speech in the evening (7:00 pm BST) at Davos economic forum.
Taking a look at EURUSD at D1 interval, we can see that the main currency pair has been trading in a downward move since the beginning of the year. The pair launched an upward correction with help of ECB speakers and is now testing the upper limit of local market geometry that guards the downtrend. A break above would in theory hint at trend reversal.
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Source: xStation5
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