EUR/USD trades sideways above the round-level support of 1.0900 in Friday’s European session.
EUR/USD trades sideways above 1.0900 amid uncertainty over Fed - ECB interest rates. The ECB is expected to deliver two more rate cuts this year. Lower-than-expected US Initial Jobless Claims offered relief to widespread risk-aversion. The major currency pair trades inside Thursday’s trading range, with investors looking for fresh cues indicating how much the European Central Bank and the US Fed eral Reserve will cut interest rates this year.
More upside would appear if the major currency pair breaks above Monday’s high of 1.1009. This would drive EUR/USD towards the August 10, 2023, high at 1.1065, followed by the round-level resistance at 1.1100. In an alternate scenario, a downside move below the August 1 low at 1.0777 would drag the pair toward the February low near 1.0700. A breakdown below the latter would expose the asset to the June 14 low at 1.0667.
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