Fundamenta Aspect In a new interview, the head of the European Central Bank, who yesterday discussed the two phases of interest rate hikes, predicted that eurozone interest rates will likely be positive by the end of the third quarter of 2022. Legard added that there is currently no chance of a recession in the eurozone. She also emphasized that the market should not consider a percentage to increase interest rates, or infer the extent of interest rate increases based on the speaker's words. The euro strengthened against the US dollar in response to the news.
Technical Aspect Bulls The EURUSD pair can advance from the $1.05903 support and reach $1.08714. With a breach of these levels, the market will target the $1.10500 level of resistance.
Bears However, from the seller's perspective, if the pair breaks the partial support at $1.05903, the euro will be poised to retest the local support price at $1.03500.
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