EUR/USD holds strength slightly above the round-level resistance of 1.0900 in Tuesday’s European session.
EUR/USD jumps above 1.0900 as the US Dollar weakens due to firm Fed rate-cut prospects. Traders raise Fed rate-cut bets amid fears of slower US economic growth. The ECB is due to announce June’s monetary policy decision on Thursday. Sheer strength in the major currency pair is driven by a sharp sell-off in the US Dollar . The US Dollar Index , which tracks the Greenback’s value against six major currencies, slips to an almost two-month low near the crucial support of 104.
The near-term outlook of the pair remains firm as the 50-day Exponential Moving Average near 1.0800 is sloping higher. The 14-period Relative Strength Index has slipped into the 40.00-60.00 range, suggesting that the momentum, which leaned toward the upside, has faded for now. The major currency pair is expected to extend its upside towards the March 21 high, around 1.0940, and the psychological resistance of 1.1000. However, a downside move below the 200-day EMA at 1.
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