Cautious Trading Amidst US Dollar Strength and ECB Rate Cuts
EUR/USD is trading cautiously around the 1.0350 level as the US dollar maintains its strong upward momentum. This major currency pair is moving slowly as the US dollar (USD) continues to hold steady at its highest levels in over two years. The US Dollar Index (DXY) is currently trading near 108.50, supported by expectations that the Federal Reserve (Fed) will not cut interest rates as quickly as previously anticipated this year.
EUR/USD is also under pressure due to the less-than-optimistic outlook for the Euro (EUR). While the Euro made a slight gain against the USD on Thursday, it could continue to face selling pressure. The European Central Bank (ECB) is expected to continue cutting interest rates until June, with at least four rate cuts, bringing the deposit rate down to 2%.
From a technical chart perspective, I noticed that the pair had been trading sideways earlier, followed by a sharp decline, and it may potentially drop below the 1.0300 level. If this level is broken, EUR/USD could face further downward pressure, with the next target possibly around 1.0250. However, it's important to note that any recovery in the Euro, particularly if there is positive news from the ECB or strong economic data, could help the pair regain upward momentum.
EUR/USD is also under pressure due to the less-than-optimistic outlook for the Euro (EUR). While the Euro made a slight gain against the USD on Thursday, it could continue to face selling pressure. The European Central Bank (ECB) is expected to continue cutting interest rates until June, with at least four rate cuts, bringing the deposit rate down to 2%.
From a technical chart perspective, I noticed that the pair had been trading sideways earlier, followed by a sharp decline, and it may potentially drop below the 1.0300 level. If this level is broken, EUR/USD could face further downward pressure, with the next target possibly around 1.0250. However, it's important to note that any recovery in the Euro, particularly if there is positive news from the ECB or strong economic data, could help the pair regain upward momentum.
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