EUR/USD is slightly down to 1.0740 in Wednesday’s European session.
EUR/USD comes down slightly to 1.0740 as the US Dollar rises amid a light US economic calendar. The ECB is expected to opt for cutting interest rates in June. Fed ’s Kashkari sees no rate cuts this year due to the strong housing market. The major currency pair drops as the US Dollar rises as comments from central bank officials become the main market movers in the absence of top-tier economic data in the Eurozone and the United States.
The shared currency pair exhibits a sharp volatility contraction due to a Symmetrical Triangle formation on the daily time frame. The upward-sloping border of the triangle pattern is plotted from the October 3 low at 1.0448, and the downward-sloping border is placed from the 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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