Forex Analysis by Investing.com (Damian Nowiszewski) covering: Euro US Dollar, US Dollar Index Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
EUR/USD traders await the ECB meeting as the pair hovers near key support levels.Upcoming U.S. economic data and Eurozone inflation will play a pivotal role in EUR/USD’s next move.Stronger-than-expected U.S. economic data has sparked doubt over a larger 50-basis-point cut in November, with a more modest 25-basis-point reduction now seen as the baseline.U.S. dollarAlthough inflation is trending downward, it hasn’t yet hit the Fed’s target.
A reversal above 1.10 would shift the focus back to the 1.12 resistance area, but for now, all eyes are on Thursday’s data releases and ECB decisions, which will set the tone for the pair’s next move.This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, counsel or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way.
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