EUR/USD: A modest bounce to begin the week for the Euro, with the move stemming from the unwind of the US Dollar’s recent bullish breakout. Get your market update from JMcQueenFX here:
GDP largely in line with consensus, albeit a slight miss on the yearly rate. A muted reaction for the Euro, given that much of the focus this week will be on the ECB meeting and whether they will provide their own hawkish pivot to some degree, in light of elevated inflation.A modest bounce to begin the week for the Euro, with the move stemming from the unwind of the’s recent bullish breakout.
Taking a look at the technical picture, the RSI is showing a bullish divergence with the lower low in the price, not confirmed by the indicator. As such, this could perhaps be more of a signal to suggest that the momentum on the downside has slowed, as opposed to a significant trend reversal. As a reminder,
that the USD was overstretched in the short term, given the upside being exacerbated by the month-end flows
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