ECBs Vasle is speaking and says:
- Awaiting data and open to possibilities on rate path
- Cutting rates in June would be reasonable
- Seems to thousand 24 GDP growth to be better than expected.
- Really attentive to what’s happening in the US.
With Fed Gov. Bowman talking more hawkish and Vasle (and other ECB officials gearing toward a June cut), the EURUSD remained near higher levels for the week. Nevertheless, resistance at 1.0875 – 1.0887 has attracted some sellers.
The current price trades at 1.08674. He would take a move above the swing area to disappoint sellers. On the downside the low price today stalled against the 61.8% retracement of the move down from the March high at 1.08354. A move below that level and the 100 day moving average of 1.08193 is needed to increase the bearish bias going forward.
This article was written by Greg Michalowski at www.forexlive.com. Source