EUR/USD extends its downside below the round-level support of 1.0700, touching the lowest level in more than a month during Friday’s European session.
EUR/USD declines to 1.0700 as the Euro weakens amid uncertainty over the French elections. ECB policymakers see a bumpy inflation path towards the 2% target. Fed ’s maintenance of a hawkish outlook offsets the impact of soft US inflation data. The major currency pair weakens as the Euro remains under pressure due to deepening French political uncertainty ahead of the upcoming legislative elections.
The major currency pair weakens after failing to hold the Symmetrical Triangle breakout formed on a daily time frame, suggesting that the overall trend has turned bearish. The shared currency pair has now returned inside the triangle formation and is expected to find support at 1.0636, near the upward-sloping order of the chart pattern plotted from 3 October 2023 low at 1.0448.
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