News background puts pressure on the euro

09 December 2022 72
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According to economists polled by Reuters, the U.S. may be in a short-term and shallow recession.

 

US Treasury Secretary Janet Yellen believes that the US economy can avoid a recession. As she said on Thursday, a wage-price spiral and easing supply chain bottlenecks may help with it.

 

Recent news reports claim that the US economy remains strong, which unleashes the Fed's hand to curb inflation.

 

Meanwhile, the euro growth has stopped at the summer level of resistance. 

For further growth, some strong drivers are needed. However, there is no any.

 

The signal may be won back through a short of the currency pair EUR/USD. The target can be set at the level of 1.05. A stop can be set when the local maximum of the euro is updated.

 

Forecast: short EUR/USD.

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