The US labor market remains tight despite rising interest rates. ECB policymakers believe eurozone inflation may keep rising. Inflation expectations in the Eurozone are going up. Today’s EUR/USD outlook is bearish as the number of Americans who applied for new unemployment benefits grew slightly last week. A sign that the labor market is still tight despite the Federal Reserve’s aggressive interest rate increases intended to reduce demand. –Are you interested to learn more about Forex demo accounts? Check our detailed guide- “Fed officials are hitting the brakes hard, but so far, employers are just giving this policy a great, big yawn and holding on tight to their workers,” said Christopher Rupkey, chief economist at FWDBONDS. In support of the European Central Bank’s further plans to increase interest rates, board member Isabel Schnabel stated on Thursday that price increases and inflation in the Eurozone are expected to be greater and more persistent than previously anticipated. The ECB increased rates by 125 basis points over its most recent two sessions to combat inflation which is getting close to 10%. The markets have priced more hikes at the ECB’s meetings through next spring. “There are reasons to believe that inflation may even go up a bit further over the short term,” Schnabel told a conference organized by financial firm Spuerkeess of Luxembourg. “Inflation may actually be more persistent than we originally thought,” she said Another concern is that longer-term expectations have started to rise, which may signify that firms and individuals are losing faith in the ECB’s ability to return price growth to its objective of 2%. EUR/USD key events today The S&P Global PMI report for the Eurozone will show the state of business activity in the bloc. Investors will also pay attention to Fed Chair Powell, who will speak later today. Get FREE Forex Signals Now! EUR/USD technical outlook: Downtrend bound to continue below 0.9811 The 4-hour chart shows the price trading well below parity and the 30-SMA. After a long battle, bears have won, pushing the price below parity. This win was confirmed when the price broke below 0.9901. The RSI also supports bearish momentum trading below 50. –Are you interested to learn more about CFD brokers? Check our detailed guide- The downward move stopped at 0.9811 as the price was oversold, giving bulls a chance to come in and retest 0.9901 as resistance. The price now looks set to make lower highs and lower lows below 0.9811, and the downtrend will continue if the price keeps trading below the 30-SMA and RSI below 50. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal EUR/USD Daily share Read Next Gold Price Accumulating Bullish Energy Despite Stronger USD Olimpiu Tuns 2 weeks The US labor market remains tight despite rising interest rates. ECB policymakers believe eurozone inflation may keep rising. Inflation expectations in the Eurozone are going up. Today's EUR/USD outlook is bearish as the number of Americans who applied for new unemployment benefits grew slightly last week. A sign that the labor market is still tight despite the Federal Reserve's aggressive interest rate increases intended to reduce demand. -Are you interested to learn more about Forex demo accounts? Check our detailed guide- "Fed officials are hitting the brakes hard, but so far, employers are just giving this policy a great, big… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.