EUR/USD stays on the back foot and trades near 1.0450 on Friday after closing the fifth consecutive day in negative territory on Thursday.
EUR/USD stays under bearish pressure in the European morning on Friday. The technical outlook suggests there is more room on the downside before the pair turns oversold. The dovish ECB tone and persistent USD strength weigh on the pair. The pair's near-term technical outlook shows that there is more room on the downside before the pairturns oversold. Euro PRICE This week The table below shows the percentage change of Euro against listed major currencies this week.
In the post-meeting press conference, ECB President Christine Lagarde noted that they have discussed a 50 bps cut at the meeting and acknowledged that the recovery in the Euro area was slower than expected. The Euro came under selling pressure following the ECB event. In the meantime, the US Dollar benefited from rising US Treasury bond yields in the American session on Thursday and didn't allow EUR/USD to stage a rebound.
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