Amid a lack of any major economic reports, investors turned to the speeches by ECB Members. Chief Economist, Philippe Lane said on Monday that the central bank did not reach the limits of its monetary policy. He said that the central bank had other tools if necessary.
Meanwhile, Vasle, the central bank head of Slovenia said that the ECB’s stimulus was working, noting that growth stabilized in the region.
EUR/USD Could Retreat Off the Resistance Level
The euro gained on the back of positive remarks mentioned above and a weaker greenback. Price action is testing the resistance area of 1.1075 and 1.1062.
But, the hidden bearish divergence on the 4-hour chart indicates a pullback. The EURUSD could retreat modestly but declines are limited above the 1.1000 level of support for now.
