EUR/USD: Hawkish ECB comments are supporting the Euro – Scotiabank

Market news

21 June 2023

EUR/USD: Hawkish ECB comments are supporting the Euro – Scotiabank

EUR is underpinned by European Central Bank (ECB) hawks, economists at Scotiabank report.

Price action leans bullish

Hawkish ECB comments are boosting market expectations that ECB policy will peak at 4% and supporting the EUR.

A small bull flag continues to develop around EUR price action, providing support around 1.0875/80 today, with bull break out resistance at 1.0930/35.

Friday’s peak just above 1.0970 is resistance above there ahead of 1.1090/00.

See: EUR/USD should continue to feel at ease in the area around 1.09 – Commerzbank

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