EUR/USD found a leg up on Wednesday, climbing briefly above the 1.0800 handle after a broad miss in US economic figures hinted at further signs of a weakening US economy, sparking fresh hopes for an accelerated pace of rate cuts from the Federal Reserve (Fed) and markets flowing out of the safe haven US Dollar.
EUR/USD drifts into the upside as Greenback flows reverse course. US data broadly misses the mark, sparking risk appetite on rate cut hopes. US holiday looms ahead of Friday’s NFP US data dump. EUR/USD found a leg up on Wednesday, climbing briefly above the 1.0800 handle after a broad miss in US economic figures hinted at further signs of a weakening US economy, sparking fresh hopes for an accelerated pace of rate cuts from the Fed eral Reserve and markets flowing out of the safe haven US Dollar.
EUR/USD technical outlook EUR/USD has extended a recent bullish bounce from a demand zone priced in below 1.0680, briefly testing chart territory north of 1.0800. The pair is leaning further bullish in the near-term, accelerating above the 200-hour Exponential Moving Average at 1.0734. Despite intraday bullish action, the Fiber is primed for a downside rejection after failing to make a decisive break of the 200-day EMA at 1.
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