EUR/USD bears refuelling from a 50% mean reversion, eye US GDP By ross_burland EURUSD Technical Analysis DollarIndex Fed
The focus is on the US GDP for the day ahead.is around flat in the Tokyo open as the price consolidates below 50% mean reversion of the prior session sell-off. The pair, however, remains in the hands of the bears amid the Ukraine crisis and risk-off markets that favour the US dollar.
Meanwhile, as China enacts lockdowns in a bid to stem the spread of COVID-19, Beijing has ramped up mass testing for COVID-19 and the combination of expectations of 50 basis points at the Fed's May 3-4 meeting is weighing in the single currency. WIRP suggests 50 bp hikes at the May 3-4 and June 14-15 meetings are fully priced in, with nearly 25% odds of a possible 75 bp move in June. The dollar index against a basket of currencies reached 103.282, the highest since Jan. 2017.
officials are calling for the next rate increase in July. Traders, in this respect, will be looking to EU inflation data that will be released on Friday.From an hourly perspective, there is the potential for a downward continuation as per the correction meeting the 50% mean reversion mark, a bearish engulfing and drift to the downside again:
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