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EUR/USD continues its rally

EUR/USD continues its rally | 12 March 2024

12 March 2024, EUR/USD

EUR/USD continues its rally

Events to pay attention to today:

09:00 EET. EUR - CPI m/m

14:30 EET. USD - CPI m/m

EURUSD:

The EUR/USD rebounded after two days of losses, gaining momentum and approaching 1.0930 during Tuesday's Asian session. However, the pair faced resistance due to a risk-averse atmosphere ahead of the release of the US Consumer Price Index (CPI) data.

Market expectations indicate a month-on-month increase in the US CPI for February, although the annualised CPI is expected to remain unchanged. A robust CPI report may reduce the likelihood of a Federal Reserve (Fed) rate cut in the near future, potentially strengthening the US Dollar (USD) and creating difficulties for EUR/USD.

Meanwhile, European Central Bank (ECB) President Christine Lagarde adopted a cautious approach, stressing the importance of additional data before contemplating a rate change. The ECB opted to maintain its current monetary policy, reaffirming its dedication to maintaining inflation within desired levels.

The ECB has stated that it intends to maintain appropriate policy tightening for as long as necessary to achieve the inflation target. The ECB's optimistic outlook may support the Euro and the EUR/USD pair. On Tuesday, investors' attention is likely to be drawn to the publication of Consumer Price Index (CPI) data from Germany.

Trading recommendation: Trading predominantly Buy orders from the current price level

Fund your account with cryptocurrency and you will get up to 10% in balance on your first deposit. The extra funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

David Johnson
Analyst of «FreshForex» company
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