EUR/USD consolidates in a tight range above the round-level support of 1.0700 in Wednesday’s European session.
EUR/USD trades sideways above 1.0700 as investors look for fresh cues on the Fed and the ECB interest-rate outlook. ECB policymakers remain concerned over stubborn service inflation. Investors see the Fed reducing interest rates twice this year. The major currency pair trades sideways as investors look for fresh cues about when the European Central Bank will deliver its second rate cut this year.
0636, near the upward-sloping order of the chart pattern plotted from 3 October 2023 low at 1.0448 and the horizontal cushion plotted from April 16 low around 1.0600. The long-term outlook of the shared currency pair has also turned negative as prices dropped below the 200-day Exponential Moving Average , which trades around 1.0800. The 14-period Relative Strength Index falls below 40.00. Momentum could turn bearish if the RSI sustains below this level.
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