EUR/USD is stuck in a tight range above the round-level support of 1.0700 in Thursday’s European session.
EUR/USD trades sideways above 1.0700 as firm ECB rate cut prospects for June offset the Fed ’s less-hawkish guidance. The ECB is expected to pivot to interest rate cuts in June as Eurozone inflation is on course to the 2% path. Fed Powell remains hopeful of rate cuts later this year. The upside in the major currency pair remains restricted around 1.
0735 as the ECB is expected to start lowering interest rates sooner than the Fed. The near-term outlook of the shared currency pair is uncertain as the 20-day Exponential Moving Average at 1.0720 continues to be a major barrier for Euro bulls. On a daily time frame, EUR/USD exhibits a sharp volatility contraction as it forms a Symmetrical Triangle pattern. The upward-sloping border of the triangle pattern is plotted from October 3 low at 1.
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