EUR/USD clings to gains above the crucial support of 1.0800 in Tuesday’s European session.
EUR/USD steadies above 1.0800 as easing US labor market strength weighs on the US Dollar. Fed ’s Powell may refrain from providing a specific timeframe for rate cuts. ECB ’s Knot doesn’t see the central bank delivering subsequent rate cuts in July. The major currency pair holds gains as the US Dollar remains under pressure due to firm market speculation that the Fed eral Reserve will start reducing interest rates in September.
The major currency pair stabilizes above the 20-day and 50-day Exponential Moving Averages , which trade around 1.0750 and 1.0770, respectively. The overall trend of the shared currency pair has also strengthened as it has jumped above the 200-day EMA, which trades around 1.0800. The Symmetrical Triangle formation on the daily timeframe exhibits a sharp volatility contraction, which indicates low volume and narrow ticks. The 14-day Relative Strength Index reaches 60.00.
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