EUR/USD struggles to regain impetus after Thursday’s marked advance, while a test of the key resistance area around 1.080 still remains elusive.
EUR/USD navigates an inconclusive range near 1.0780. The Dollar picks up a mild pace ahead of data, Fed speak. Investors continue to assess the policy divergence ahead of US CPI. In the meantime, spot is expected to maintain a cautious trade ahead of the key publication of the flash Michigan Consumer Sentiment for the month of May and speeches by Fed ’s Bowman, Barr and Goolsbee.
0829 and the April top of 1.0885 . North of here is the March peak of 1.0981 , which precedes the weekly high of 1.0998 , all before the psychological threshold of 1.1000. Looking south, a break of the 2024 bottom of 1.0601 might mean a return to the November 2023 low of 1.0516 . Once this zone is cleared, spot may test the weekly low of 1.0495 , which is ahead of the 2023 low of 1.0448 and the round level of 1.0400.
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