EUR/USD steadied on Wednesday, finds support at 1.1400

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Feb 09, 2022 19:14pm

J.LIn

Trade4Invest

Head of Analyst Team

Following two consecutive daily pullbacks, EUR/USD steadied on Wednesday, hovering above 1.1400 but continues to trade in narrow ranges.

Last week, the euro posted a strong rebound after a more hawkish tone from the ECB meeting. Investment banks brought forward their calls on European Central Bank interest rate hikes.

Money markets betting 10 basis-point (bps) rate rise by June 2022 and 50 bps worth of hikes by December. Goldman Sachs expected the ECB to raise interest rates by 25 bps each in September and December, putting the bank's policy rate at 0% by the end of the year.

Until Monday, European Central Bank President Christine Lagarde dialled down bets for aggressive interest rate hike, sent the euro down from three-week high.

The key focus this week will be on U.S. CPI report, as markets expect it reach to a new 40-year high. That would be another reason to bet on more FED rate hikes and support the US dollar.

If EUR/USD holding above 1.1400 would reverse the weakness earlier this week, but need to breach the previous high at 1.1482 to confirm the uptrend and pave the way to 1.1500-1.1520.

EUR/USD steadied on Wednesday, finds support at 1.1400

J.LIn

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EUR/USD steadied on Wednesday, finds support at 1.1400

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