EUR/USD falls slightly below the round-level resistance of 1.0800 in Tuesday’s European session.
EUR/USD drops from 1.0800 as investors turn cautious ahead of key US inflation readings and Eurozone Q1 GDP data. Eurozone price index is on track to return to 2% as service inflation eases to 3.7%. The US inflation data will influence Fed rate-cut prospects for September. The major currency pair drops as investors await the release of the United States Consumer Price Index for April and the Eurozone’s preliminary Q1 Gross Domestic Product data, which will be published on Wednesday.
0448. The Symmetrical Triangle formation exhibits a sharp volatility contraction. The 14-period Relative Strength Index oscillates inside the 40.00-60.00 range, suggesting indecisiveness among market participants. Euro FAQs What is the Euro? The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar.
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