The Euro bounced back from heavily oversold conditions on Wednesday, helped by a softer than expected US inflation report.
2024-06-12 15:40:42got a bid later in the session after the Fed trimmed US interest rate expectations. The latest dot plot shows Fed officials now forecasting just one 25 basis pointWith the US inflation data and the FOMC now in the rearview mirror, EUR/USD should no longer be dominated by the greenback. Looking at the CCI indicator, EUR/USD was heavily oversold going into Wednesday’s events, leaving the pair vulnerable to a sharp move higher.
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