Euro offers a near-term bullish stance and could extend its recovery beyond 1.0600 EUR EURUSD $EUR $EURUSD
Global indexes advanced, although Wall Street pulled down from highs post-Powell.The EUR/USD pair
Meanwhile, global indexes edged higher, with Wall Street firmly up after suffering a sell-off in the previous weeks. The advance, however, could be corrective as the underlying factors that pushed them lower remain intact. Mid-US afternoon, Federal Reserve chair Jerome Powell offered a speech. Powell failed to surprise investors, repeating that the central bank is comfortable with 50 bps rate hikes.
On Wednesday, the EU will release the final version of April inflation figures, expected to be confirmed at 7.5% YoY, while the US will publish housing-related data.The EUR/USD pair trimmed last week's losses, but the advance still looks corrective in the daily chart. Technical indicators maintain their upward slopes within negative levels, with the Momentum nearing its mid-line but the RSI holding well below it.
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