EUR/USD capitalized on the selling pressure surrounding the US Dollar (USD) and registered strong gains on Wednesday.
EUR/USD gathered bullish momentum and closed above 1.0550 on Wednesday. The pair retreats slightly in the European morning on Thursday. Investors await Consumer Price Index data from Germany. EUR/USD capitalized on the selling pressure surrounding the US Dollar and registered strong gains on Wednesday. Before reaching 1.0600, however, the pair went into a consolidation phase and was last seen trading near 1.0550.
If EUR/USD returns below 1.0520, it could face interim support at 1.0500 ahead of 1.0440 and 1.0400 . Euro FAQs What is the Euro? The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day.
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