EUR/USD pushed back into near-term highs on Thursday, easing below 1.0870 in early market action before recovering ground and re-pinning into familiar technical levels just below 1.0900 to close out the US market session.
EUR/USD bulls keep bids buoyed on Thursday, but technical ceiling remains. Broader markets looking ahead to Friday’s US NFP print. Fed rate cut hopes pin into September, ECB unlikely to bring a follow-up cut. The European Central Bank delivered a hotly-anticipated quarter-point rate cut this week, but according to sources within the ECB , it is unlikely that ECB policymakers will be delivering a follow-up cut in July as many investors had widely expected.
US Average Hourly Earnings are also expected to rise 0.3% MoM compared to the previous 0.2%. An appearance from ECB President Christine Lagarde, slated to come later in the US market window, will round out the trading week’s key schedule events. EUR/USD technical outlook EUR/USD is building out a technical base after breaking through descending trendlines this week, and the pair is poised for an extension after pricing in a bullish rebound from the 200-day Exponential Moving Average at 1.0807.
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