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EURUSD: recovery heads towards 1.1895

The EURUSD pair closed higher on Friday, July 9. The price action started off at 1.1844. By the beginning of the European session, the pair dropped to 1.1825, then reverted to the upside. Just before the close, the pair climbed to 1.1881 and ended the week slightly lower at 1.1877.

On Friday, news about the ECB’s monetary policy meeting came out. The European regulator slightly changed its inflation target. The previous wording "below, but close to, 2%", was reformulated as "about 2%", removing the “close to” wording. However, there were no clear signals about the timing of monetary tightening, and the market reacted sluggishly to these changes.

On Monday, after falling to 1.1856, EURUSD rallied to 1.1874. In the medium term, we see the pair recovering within an ascending channel from 1.1781 towards 1.1895.

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