ECBs Vasle: Awaiting data and open to possibilities on rate path

ECBs Vasle is speaking and says:

• Awaiting data and open to possibilities on rate path
• Cutting rates in June would be reasonable
• Seems to thousand 24 GDP growth to be better than expected.
• Really attentive to what’s happening in the US.

With Fed Gov. Bowman talking more hawkish and Vasle (and other ECB officials gearing toward a June cut), the EURUSD remained near higher levels for the week. Nevertheless, resistance at 1.0875 – 1.0887 has attracted some sellers.

The current price trades at 1.08674. He would take a move above the swing area to disappoint sellers. On the downside the low price today stalled against the 61.8% retracement of the move down from the March high at 1.08354. A move below that level and the 100 day moving average of 1.08193 is needed to increase the bearish bias going forward.

This article was written by Greg Michalowski at www.forexlive.com.