EUR/USD trades with caution in a narrow range near the key level of 1.0300 in Friday’s European session.
EUR/USD wobbles around 1.0300 as investors shift focus to the US President-elect Donald Trump’s inauguration ceremony. Trump is expected to release policies on raising tariffs and lowering taxes soon after re-joining the White House. The ECB minutes showed that officials debated over reducing the Deposit Facility rate by 50 bps in December.
The major currency pair bounces back on divergence in momentum and price action. The 14-day Relative Strength Index formed a higher low near 35.00, while the pair made lower lows. However, the outlook of the shared currency pair is still bearish as all short-to-long-term Exponential Moving Averages are sloping downwards. Looking down, Monday’s low of 1.0175 will be the key support zone for the pair. Conversely, the January 6 high of 1.0437 will be the key barrier for the Euro bulls.
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