The EUR/USD pair struggles to sustain above the round-level resistance of 1.0700 in Monday’s European session.
EUR/USD struggles to hold gains above 1.0700 amid uncertainty ahead of key economic events. The ECB seems poised to start reducing key borrowing rates in June. Eurozone’s CPI, Q1 GDP and the Fed ’s policy outlook will be in focus. The major currency pair exhibits caution ahead of the release of key economic indicators in the Eurozone, such as preliminary Eurozone Q1 Gross Domestic Product and the Consumer Price Index data for April, which will be published on Tuesday.
Actually, the CME FedWatch tool shows that the US central bank will only make two rate cuts this year, and the September meeting is likely to be chosen as the earliest point. Technical Analysis: EUR/USD aims for sustainability above 1.0700 The EUR/USD attempts to establish firm footing above the 1.0700 hurdle. The shared currency pair extends its recovery from 1.0600 to 1.0700, but the near-term outlook is still uncertain. The 20-day Exponential Moving Average near 1.
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