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Although ECB President Christine Lagarde did not say anything new yesterday, euro continued to decline, dragging pound with it. However, much of the downward movement happened even before the speech of Lagarde, so it may be due to dollar's recent impressive rise, which could eventually trigger a rebound. For that, the upcoming data on producer prices could be a reason, especially since analysts expect to see growth in the eurozone from -12.4% to -9.5%. Such a scenario reduces the likelihood of a rate cut in the ECB this month, and the anticipation of this caused the surge in dollar demand.
EUR/USD hit 1.0800 during the correction from the resistance level of 1.1000. The scale of its movement indicates the oversold condition of the pair, so the level of 1.0800 serves as support at the moment. If the price stabilizes below 1.0800, the correction will continue.
GBP/USD bounced off the resistance level of 1.2700 again, resulting in a surge in short positions. This brought the quote back to 1.2600, extending the sideways movement in the range of 1.2600/1.2700.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
