EUR/USD declines below the round-level support of 1.0700 in Wednesday’s European session.
EUR/USD slips below 1.0700 as the Fed maintains hawkish guidance on interest rates. Fed ’s Bowman sees no rate cuts this year. Investors will focus on the US core PCE and preliminary inflation data for the major economies of the Eurozone this week. The major currency pair remains on the backfoot as the Euro’s near-term outlook weakens amid uncertainty over European Union legislative elections and growing speculation that the European Central Bank could deliver subsequent rate cuts.
0750, which is plotted from 28 December 2023 high around 1.1140. The pair trades below the 50-day Exponential Moving Average , which indicates that the short-term outlook is bearish. The 14-period Relative Strength Index hovers near 40.00. A bearish momentum would trigger if the oscillator slips below this level. Euro FAQs What is the Euro? The Euro is the currency for the 20 European Union countries that belong to the Eurozone.
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