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EURUSD: Intraday Analysis & Pattern update

The euro was below $1.07, down from a seven-week peak of $1.0756 reached on November 6th, as investors digested a series of remarks by central bank officials. ECB’s Vice President, Luis de Guindos, pointed out that the euro zone’s economy is likely to see a slight contraction or, at best, stagnation in Q4, while emphasizing the ECB’s commitment to a data-dependent approach. On the other hand, policymaker Robert Holzmann underlined the need for vigilance regarding inflation and readiness to raise rates when necessary.

Market sentiment suggests a potential 95 basis points of interest rate cuts by the ECB by the end of 2024, following the end of 10 consecutive rate hikes in October. Meanwhile, Federal Reserve Chair Jerome Powell expressed uncertainty about the effectiveness of current interest rates in addressing inflation, suggesting the possibility of further rate hikes.

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