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EURUSD: pair continues to win back Friday losses

The EURUSD pair rose 0.09% to 1.2119 on Monday, June 14, correcting higher after Friday's pullback. The euro strengthened in sync with a rise in US bond yields. Such a reaction may have been due to expectations surrounding the upcoming FOMC rate decision and press conference by Fed Chair Jerome Powell, scheduled for June 16.

Today’s macro agenda (GMT +3)

  • 12:00 Eurozone: trade balance (April)
  • 16:00 UK: BoE Governor Andrew Bailey speech

Current outlook

By the time of writing, all major currencies were trading in positive territory. The biggest gains against the US dollar are seen in the kiwi dollar and the euro. The single currency squeezed sterling out of second place amid an upward move in EURGBP to 0.8599.

The yield on the 10-year UST declined to 1.486%, while the DXY corrected to 90.39. In case of a move below 90.35, the dollar will come under pressure across the board.

Market participants now await the outcome of the FOMC meeting and a speech by Fed Chair Powell. They hope to hear that Powell will roll back the deadline for discussing QE tapering to early autumn.

Buyers should watch for two levels in line with corrective growth: 1.2147 (45-degree angle, 3) and 1.2160 (2). Resistance at 1.2145 is strengthened by the June 7 and 10 lows. If buyers overshoot it, the pair can be expected to head for 1.2190. The closer to Powell's press conference, the higher volatility will become.


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