EUR/USD extended its weekly downtrend and touched its lowest level in 10 weeks at 1.0811 during the American trading hours on Thursday.
EUR/USD rebounds modestly after closing deep in the red on Thursday. The ECB lowered key rates by 25 bps after the October policy meeting, as expected. The technical outlook is yet to point to a buildup of recovery momentum. Although the pair trades in positive territory near 1.0850 in the European morning on Friday, the technical outlook doesn't yet highlight a buildup of recovery momentum.
Euro FAQs What is the Euro? The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY , EUR/GBP and EUR/AUD .
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