The EUR/USD pair was little changed on Monday amid low liquidity since US markets were closed for the Memorial Day weekend.
The pair was hovering at 1.0712, where it ended the week. This price was the lowest level since March 21st, which was lower than the year-to-date high of 1.1095.The EUR/USD pair has been in a strong downward trend as the US dollar index has jumped to the highest level since March 27th. The dollar index has soared by more than 3.45% from the lowest level this year.
Meanwhile, there is a likelihood that the Federal Reserve will deliver another rate hike in June this year since inflation remains at an elevated level. PCE data published last Friday revealed that inflation rose to 4.7% in March, higher than what analysts were expecting. The other key EUR/USD news is the political uncertainty in Spain, where the prime minister called for a snap election in July. This election will likely affect the country’s growth as Europe re-emerges from the pandemic and as the war in Ukraine continues.On the 4H chart, it has dropped below the 61.8% Fibonacci Retracement level. The pair’s decline is being supported by the 25-period and 50-period moving averages. It has also dropped below the important support level at 1.
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