The EUR/USD pair rose to an important resistance level after a hawkish statement by Christine Lagarde.
Enter your emailThere is a possibility that the pair will drop to the key support at 1.0540 as the triangle pattern nears its confluence.Timeline: 1-2 days.rose to an important resistance level after a hawkish statement by Christine Lagarde.
In it, she reiterated that the bank was focused on fighting inflation. It has already reduced its bond market activity and is now set to deliver its first interest rate hike in years in July. She signaled that the rate hike will be 0.25%. Most importantly, she will pull the ECB out of negative interest rates in September. Lagarde will deliver more remarks on Tuesday.
Meanwhile, after two weeks of weak housing data, the US published surprising pending home sales data. According to the National Association of Realtors, pending home sales rose by 0.7% in May compared with April. This was a surprise since pending home sales dropped in the previous six straight months.
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