EUR/USD edges higher to near 1.0940 in Thursday’s European session.
EUR/USD rises as the US Dollar corrects on firm Fed rate-cut prospects. Investors see the Fed cutting interest rates aggressively this year. The ECB is expected to reduce its key borrowing rates two times more by the year-end. The major currency pair rises as the US Dollar corrects from a three-day high. The US Dollar Index , which tracks the Greenback’s value against six major currencies, drops to near 103.00.
0800, acted as major support for the Euro bulls. The 14-day Relative Strength Index indicator in the daily chart climbs above 60.00. If the RSI sustains above that level, bullish momentum will be triggered. More upside would appear if the major currency pair breaks above Monday’s high of 1.1009. This would drive EUR/USD towards the August 10, 2023, high at 1.1065, followed by the round-level resistance at 1.1100. In an alternate scenario, a downside move below the August 1 low at 1.
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