EUR/USD Breaks 1.07 After Lagarde's Hawkish Comments
Gregor Horvat | May 24, 2022 03:53AM ET
ECB President Christine Lagarde was live on Bloomberg TV today, talking about inflation. She said they are right on time and not behind the curve, but they are looking to move out of negative rates before the end of the 3rd quarter. She highlighted that they are not seeing a recession coming. Hawkish comments are bullish for the EUR, which is why it is currently rising and recently broke the 1.07 level.
Technically we see the pair breaking the channel resistance line. The fifth wave is finished, as we mentioned in our past updates. Recovery is strong, and ideally, that's wave (A), the first leg of a higher degree recovery that can even move up to 1.08/1.09, but after wave (B) set-back, which can be an interesting dip for traders to join the current euro strength.
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