EUR/USD seesaws between tepid gains and losses on Wednesday, forming a range in the upper 1.0800s after rebounding from Tuesday’s 1.0830 lows on increased probabilities the Federal Reserve (Fed) will cut interest rates by June.
EUR/USD recovers and oscillates in a range in the upper 1.0800s ahead of Wednesday’s Fed meeting. Speculation is mounting that the Fed could alter how many interest rate cuts it expects to make in 2024. Several ECB rate-setters are scheduled to take the stand at a conference on monetary policy. EUR/USD seesaws between tepid gains and losses on Wednesday, forming a range in the upper 1.0800s after rebounding from Tuesday’s 1.
0800 – the lows of wave B of the Measured Move that unfolded in February and early March. Thursday’s sell-off fell to a low of 1.0835 before recovering and thereby forming a bullish Japanese hammer reversal candlestick pattern on the 4-hour chart. This was followed by a little move higher. Since candlesticks are only short-term patterns, this upside could be at risk of petering out.
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