EUR/USD Forecast: Euro needs to clear 1.0750 to extend rebound

Euro trades above 1.0700 in the European session on Monday. 1.0750 aligns as next important resistance for the pair. German inflation data will be watched closely by market participants. The pair could face stiff resistance at 1.0750. Inflation data from Germany will be scrutinized by investors later in the day. After closing in negative territory on Friday, EUR/USD started to edge higher on Monday, supported by the broad-based selling pressure surrounding the US Dollar .

What is the ECB and how does it impact the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa.

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