The euro rose after ECB Vice President Luis de Guindos said the inflation spike may last longer than projected.
Nonetheless, the bearish sentiment still prevails after the pair failed to hold on to 0.8370. The former support has now turned into a resistance. The current consolidation could be a distribution phase and a drop below 0.8325 could send the price to February 2020’s lows near 0.8290.
On the upside, the bulls have the challenging task of lifting offers around 0.8370 and then 0.8415 before they could attract more followers.