EUR/USD ticks down on Thursday as the US Dollar (USD) steadies after a weak Wednesday.
EUR/USD falls as the US Dollar steadies in a thin-trading weekend due to holidays in the US on account of Thanksgiving Day. ECB Schnabel ruled of risks of inflation undershooting ECB ’s target. Investors await the German HICP data for fresh ECB interest rate guidance. EUR/USD ticks down on Thursday as the US Dollar steadies after a weak Wednesday.
Still, the broader outlook would remain bearish as all short-to-long-term day EMAs are declining, pointing to a downside trend. The 14-day Relative Strength Index rebounded after conditions turned oversold and climbed above 40.00, suggesting that the bearish momentum has faded. However, the bearish trend has not been extinguished. Looking down, the November 22 low of 1.0330 will be a key support for Euro bulls. On the flip side, the 50-day EMA near 1.
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