EUR/USD trades close to a fresh 11-week low near the round-level support of 1.0800 in Tuesday’s European session.
EUR/USD remains inside the woods as the ECB is expected to cut interest rates again in December. ECB ’s Lagarde will provide fresh cues on the interest rate outlook on Tuesday. Fed policymakers see smaller interest rate cuts as appropriate. The major currency pair is under pressure due to multiple headwinds, such as escalating European Central Bank dovish bets and a firm US Dollar .
The downside move in the shared currency pair started after a breakdown of a Double Top formation on a daily timeframe near the September 11 low at around 1.1000, which resulted in a bearish reversal. The 14-day Relative Strength Index dives below 30.00, indicating a strong bearish momentum. However, a recovery move remains on the cards as conditions turn oversold. On the downside, the major could find support near the upward-sloping trendline at 1.
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