More voices from the ECB are now coming on board regarding rate hikes in the Eurozone which has what has been underpinning the recent rally for the Euro and comments from Bundesbank President and ECB Board Member Joachim Nagel yesterday confirmed this and he noted the "First step would be to end bond purchases, then rates could already rise in 2022."To get more news about fibo group review, you can visit wikifx.com official website.
Today we will also see another round of speeches from ECB board members Guindos, Villeroy and Lane, who are normally the more dovish voices regarding the tightening of monetary policy so any changes in their stance towards the bullish side may lend some support to the Euro.
On the chart, we can see that the EUR/USD currency pair has found solid support at around the $1.1414 mark and is pushing higher towards the resistance level of $1.1454 and market participants await the crucial CPI figures from the US.
The chances are highly likely that we will see a breakout of this channel today and as mentioned earlier, stronger numbers than expected are likely to bring the Euro’s rally to a halt while market participants await clarification that the ECB also intends to follow the Fed’s example by raising rates to tackle record inflation.