EUR/USD, CAPPED BELOW 1.0700 MAINTAINS THE BROADER BEARISH TREND INTACT
Euro recovery stalls below 1.0700, and remains dangerously close to the 1.0610 low.
A combination of the Fed’s “higher for longer” with hopes of ECB easing is weighing on the Euro.
This week the US GDP and PCE Prices Index figures might give a fresh boost to the USD.
Euro bears remain in control on Monday, as the pair wavers without a clear direction, with upside attempts capped below 1.0700. This is a previous support turned resistance and keeps the five-months low, 1.0610 at a dangerously close distance.
The economic calendar has been light today, but the unexpected deterioration of the Eurozone Consumer Confidence Index has not helped to increase demand for the Euro. On Tuesday the preliminary HCOB manufacturing and Services PMI might set the pair’s near-term direction.
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