The EUR/USD pair ticks lower during the Asian session on Wednesday and moves further away from the weekly high touched the previous day.
EUR/USD trades with a mild negative bias, though the downside remains cushioned. September Fed rate cut bets keep the USD bulls on the defensive and lend support. The technical setup favors bearish traders and supports prospects for further losses. Spot prices remain on the defensive below mid-1.0700s, though the downside seems cushioned in the wake of subdued US Dollar price action.
Traders, however, might wait for a convincing break and acceptance below the 1.0700 mark before positioning for further losses. The EUR/USD pair might then accelerate the fall towards the 1.0650-1.0640 support zone before dropping to the 1.0600 mark, or the YTD low touched in April. Some follow-through selling should pave the way for an extension of the recent downtrend witnessed over the past two weeks or so, from levels just above the 1.0900 round figure.
Politics Fed Technical Analysis Currencies
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD Price Analysis: Holds below 1.0750 ahead of US Retail Sales dataThe EUR/USD pair trades on a softer note near 1.0730 on Tuesday during the early European trading hours.
Read more »
EUR/USD Price Analysis: Moves below 1.0850 despite a bullish biasEUR/USD extended losses to near 1.0850 during the Asian session on Wednesday.
Read more »
EUR/USD Price Analysis: Remains below 1.0750 after breaking below the rectangle formationEUR/USD extends its losses for the second consecutive day, trading around 1.0730 during the Asian session on Friday.
Read more »
EUR/USD Price Analysis: Bears await US CPI and Fed decision before placing fresh betsThe EUR/USD pair oscillates in a narrow range during the Asian session on Wednesday and consolidates its losses registered over the past three days, to the 1.0720 area, or the lowest level since early May touched the previous day.
Read more »
EUR/USD Price Analysis: The first upside barrier is located above 1.0900The EUR/USD pair trades in positive territory for the second consecutive day around 1.0895 during the early European session on Friday.
Read more »
EUR/USD Price Analysis: Rises to 1.0850; next barrier at upper boundary of triangleEUR/USD extends its gains for the third straight day, trading around 1.0850 during the Asian session on Monday.
Read more »