EUR/USD posts a fresh weekly high at 1.0880 in Tuesday’s European session.
EUR/USD rises further to 1.0880 as the US Dollar extends its downside. The US Dollar weakens even though investors see the Fed returning to policy normalization in the last quarter of the year. ECB policymakers refuse to commit to more rate cuts after June. The major currency pair strengthens amid soft US Dollar and deepening uncertainty over the pace at which the European Central Bank will reduce key borrowing rates after the June meeting.
Technical Analysis: EUR/USD prints a fresh weekly high at 1.0880 EUR/USD climbs to 1.0880 ahead of crucial Eurozone/US inflation data. The major currency pair indicates broader strength as it firmly holds the breakout of the Symmetrical Triangle chart pattern formed on a daily timeframe. The shared currency pair’s near-term outlook remains firm as it trades well above all short-to-long-term Exponential Moving Averages . The 14-period Relative Strength Index has slipped into the 40.00-60.
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