EUR/USD Holds on to Slight Weekly Gains, Eyes 1.0900

www.investing.com/analysis/eurusd-holds-on-to-slight-weekly-gains-eyes-10900-200634563

By Alex Boltyan | Jan 20, 2023 01:34PM ET

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EUR/USD

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The EUR/USD pair is closing the last trading day of the week with mild gains, on track to post a green weekly candle as the dollar remains under pressure. At the same time, European Central Bank (ECB) President Christine Lagarde's hawkish comments on Friday helped to keep the pair near recent multi-month highs.

At the time of writing, the EUR/USD pair is trading at the 1.0840 area, 0.1% above its opening price, while it is headed for a mild 0.1% weekly increase, the second in a row.
ECB President reiterated on Friday that rate increases will continue as planned. Lagarde noted that anyone who thinks the ECB is pivoting is wrong, as the bank wants rates at a sufficiently restrictive level to achieve its inflation target. She also added that the Eurozone might only see "a small contraction".

On Thursday, the ECB Accounts for the December 14-15 meeting revealed that although more than a third of Governing Council members wanted to raise interest rates by 75 basis points at the time, they agreed to settle for a 50 bps hike in exchange for harsh messaging about future increases and a solid promise to immediately begin Quantitative Tightening.

Across the pond, the U.S. stock indexes traded in the red while the U.S. 10-year bond yield advanced, limiting the dollar's retreat. Ahead of the Federal Open Market Committee (FOMC) February 1 meeting, investors will eye the final public appearances of Fed policymakers before the blackout period.

EUR/USD Daily Chart

From a technical standpoint, the EUR/USD maintains a positive short-term bias despite indicators losing traction on the daily chart. The shared currency continues to trade above its main moving averages and key support levels.

On the upside, this week's nine-month high at 1.0887 stands as a critical short-term resistance, followed by the 1.0935 area and the 1.1000 psychological mark. On the flip side, support levels are seen at 1.0800 and the 20-day SMA at around 1.0710.

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Markets have been more stable so far this week, as investors’ assessment of the risks to European lenders have improved. This has supported the European stock markets and the...

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The EUR/USD formed a High one-buy signal bar yesterday. It follows a two-bar selloff, which will lower the probability of the buy. The rally up to March 23 is strong enough to...

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Bearish: USD/JPY is currently at 130.45 in a channel. If we can break the support here, we are looking for a continuation to the ATR range 129.68 with a further aim at 1.000 Fibo...

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Central Banks

Interest Rates

Next Meeting

FED

5.00%

May 03, 2023

ECB

3.50%

May 04, 2023

BOE

4.25%

May 11, 2023

SNB

1.50%

Jun 22, 2023

RBA

3.60%

Apr 04, 2023

BOC

4.50%

Apr 12, 2023

RBNZ

4.75%

May 24, 2023

BOJ

-0.10%

Apr 28, 2023

CBR

7.50%

Apr 28, 2023

RBI

6.50%

Apr 03, 2023

PBOC

3.65%

BCB

13.75%

May 03, 2023

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EUR/USD Holds on to Slight Weekly Gains, Eyes 1.0900

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