Image by jhyerczyk via Flickr
The Euro is under pressure this morning after European Central Bank President Jean-Claude Trichet was less hawkish on interest rates as analysts expected. Analysts were looking for Trichet to use the term “strong vigilance” to signal the ECB was poised to raise interest rates in June. Instead Trichet said that they were very closely monitoring price movements.
Technically, the Euro changed its trend to down on the daily chart with a trade through the last swing bottom at 1.4754. Based on the current short-term range of 1.4157 to 1.4940, expectations are for a minimum correction to 1.4548 – 1.4456 over the near-term.
