EUR/USD extends its downside below the crucial support of 1.0800 in Thursday’s European session.
EUR/USD falls below 1.0800 amid dismal market mood. The ECB is widely anticipated to deliver a rate-cut move in June’s policy meeting. The US core PCE price index is estimated to have grown steadily in April. The major currency pair faces severe pressure as the US Dollar strengthens amid cautious market sentiment. The US Dollar Index , which tracks the Greenback’s value against six major currencies, jumps to a two-week high slightly above 105.00.
The major currency pair fails to deliver a sharp upside move, generally observed after a Symmetrical Triangle chart pattern breakout. A downside move back into the triangle indicates that the breakout was fake, and the pair is set to return to the upward-sloping border of the above-mentioned chart pattern. The shared currency pair has dropped below the 20-day and 50-day Exponential Moving Averages , which trades around 1.0800, indicating that the near-term trend has turned bearish.
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