EUR/USD is reverting to the near-term mean, stuck near 1.0750 and stuck firmly in the week’s opening trading range.
European markets to be thin on Thursday holiday. Economic calendar limited on both sides of the Atlantic. Broader markets continue to churn on rate cut expectations. European market flows are set to be thin on Thursday with German and French markets shuttered for the Ascension Day holiday, and US data is set to be strictly mid-tier until Friday’s University of Michigan Consumer Sentiment Index.
EUR/USD technical outlook EUR/USD continues to drift towards median bids, pulling closer to the 200-hour Exponential Moving Average at 1.0734. The pair found thin bids early Wednesday, setting an intraday high of 1.0757 before flubbing bullish momentum and ending the day near 1.0750. Daily candles reveal a bearish technical rejection firming up as EUR/USD gets pulled down after failing to break above the 200-day EMA at 1.0788. The pair’s near-term peak sits at 1.
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