EUR/USD climbs to near 1.0740 as ECB to raise rates further despite German recession

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• EUR/USD has jumped to near 1.0740 as the USD Index has extended correction.
• Tight credit conditions by US regional banks are effectively weighing on US inflationary pressures.
• The ECB is anticipated ECB to raise interest rates further despite the German recession.

The EUR/USD pair has climbed above the critical resistance of 1.0740 in the early European session after a firmer recovery from near the round-level support of 1.0700. The major currency pair is anticipated to extend further as the US Dollar Index (DXY) has extended its correction further to near 104.08.