EURUSD Stabilizes Amid Sluggish US Economic Data and ECB’s Inflation Battle

In other developments, market participants anticipate the European Central Bank (ECB) will continue to increase interest rates in the upcoming months to address inflation. Data released last Friday indicated a rise in core price growth in the eurozone, while core inflation in the US came in slightly below expectations at 4.6%.

In March, ECB President Christine Lagarde stated that the central bank is committed to bringing inflation back under control without making “trade-offs,” despite recent banking disruptions and the risk of a recession. Furthermore, the OPEC+ group’s decision to cut additional production has reignited inflation concerns, causing oil benchmarks to soar by 6% on Monday.

Consequently, our bullish forecast will remain valid for the near future, with the caveat that breaking below 1.0845 could push the price to test the 1.0745 area before attempting to rise again.

The projected trading range for today is between 1.0800 support and 1.0970 resistance.