EUR/USD continues to face pressure near 1.0600 in Wednesday’s European session, struggling to extend recovery since Friday.
EUR/USD faces pressure near 1.0600 as ECB policymakers seem more worried about the economic outlook than about controlling inflation. ECB ’s Panetta emphasized an expansionary monetary policy stance to prevent inflation from remaining well below the bank’s target. Deutsche Bank sees the Fed cutting interest rates in December but expects it to be a close call.
The outlook of the major currency pair remains bearish as all short- to long-term daily Exponential Moving Averages are declining. The 14-day Relative Strength Index oscillates in the bearish range of 20.00-40.00, adding to evidence of more weakness in the near term. Looking down, the pair is expected to find a cushion near the October 2023 low at around 1.0450. On the flip side, the round-level resistance of 1.0600 will be the key barrier for the Euro bulls.
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