EUR/USD is stuck in a tight range near 1.0850 in Tuesday’s European session.
EUR/USD trades back and forth around 1.0850 with eyes on FOMC minutes and preliminary Eurozone and US PMIs. Doubts are rising over the possibility that the ECB will extend the rate-cut cycle beyond June. Fed officials say they need to see more soft inflation data to be sure that inflation will return to 2%.
Also, a bullish crossover involving the 20-day and 50-day Exponential Moving Averages around 1.0780 has improved the near-term outlook of the shared currency pair. The 14-period Relative Strength Index has shifted comfortably into the range of 60.00-80.00, suggesting that the momentum has turned bullish. 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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