EUR/USD extends its losing spell for the third trading session on Thursday.
EUR/USD falls sharply to 1.0730 as the US Dollar recovers on the Fed ’s hawkish interest-rate guidance. Fed ’s Collins joins Kashkari to support keeping interest rates steady for a longer period. The ECB is expected to deliver three rate cuts this year. The major currency pair is on the back foot due to firm speculation that the European Central Bank will start lowering its interest rates in June. A sharp decline in the Eurozone inflation has allowed ECB policymakers to consider that prospect.
The shared currency pair exhibits a sharp volatility contraction due to a Symmetrical Triangle formation on a daily timeframe. The upward-sloping border of the triangle pattern is plotted from October 3 low at 1.0448 and the downward-sloping border is placed from December 28 high around 1.1140. The 14-period Relative Strength Index oscillates inside the 40.00-60.00 range, suggesting indecisiveness among market participants.
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