EUR/USD struggles to gain traction early Wednesday and continues to fluctuate in a narrow channel slightly above 1.0800 after posting small losses on Tuesday.
EUR/USD trades near the lower limit of its weekly range. The Fed is widely expected to leave its policy settings unchanged following the July meeting. EU inflation and US ADP Employment Change data will also be featured in the economic calendar. EUR/USD struggles to gain traction early Wednesdayand continues to fluctuate in a narrow channel slightly above 1.0800 after posting small losses on Tuesday.
On the other hand, the market positioning suggests that there isn't a lot of room left for the USD on the downside, unless Powell adopts a very dovish tone and hints at multiple rate cuts in the last quarter of the year. EUR/USD Technical Analysis The Relative Strength Index indicator on the 4-hour chart stays well below 50, reflecting a lack of buyer interest. 1.0810-1.0790 area, where the 100-day, 50-day and the 200-day SMAs are located, remains intact as key support ahead of1.0740 and 1.
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