The EUR/USD pair traded with a soft tone throughout the first half of the day, sliding a handful of pips below the 1.0500 mark ahead of critical United States (US) data.
EUR/USD Current price: 1.0517 The United States Consumer Price Index met expectations in November. The European Central Bank set to announce rate cuts on Thursday. EUR/USD is technically bearish and may fall towards 1.0440. The EUR/USD pair traded with a soft tone throughout the first half of the day, sliding a handful of pips below the 1.0500 mark ahead of critical United States data.
The focus shifts now to the European Central Bank set to trim interest rates on Thursday by 25 bps. Speculative interest will pay close attention to President Christine Lagarde’s words and how concerned she seems about economic progress. EUR/USD short-term technical outlook The US Dollar trimmed early gains unevenly across the FX board, with EUR/USD flirting with daily highs in the 1.0530 region amid a better market mood. Still, the bullish potential seems limited.
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