ByJin Dao Tai
JUL 9, 2021
Overall, EUR/USD is trending downwards. Recently, EUR/USD moved into the resistance zone of 1.18500.
During a press conference on European Central Bank (ECB) Strategy Review yesterday, the central bank announced the revision of its inflation target to 2% with overshoots allowed. Prior to this revision, the ECB was working toward an inflation level of “below, but close to, 2%”. This decision led to the strengthening of EUR.
G20 meetings will be held today. During this time, there may be volatility in the market.
European Central Bank President Lagarde will be speaking later at 1800 (GMT+8). During this time, there may be volatility in EUR.
The scheduled release of the previous monetary policy meeting minutes by the European Central Bank yesterday was postponed. As such, it will be released later at 1930 (GMT+8).
Currently, EUR/USD is testing the resistance zone of 1.18500 and the next support zone is at 1.16300.
Look for short-term buying opportunities of EUR/USD if it breaks the resistance zone of 1.18500.
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