The EUR/USD pair oscillates in a narrow range during the Asian session on Wednesday and consolidates its losses registered over the past three days, to the 1.0720 area, or the lowest level since early May touched the previous day.
EUR/USD struggles to lure buyers and is undermined by a combination of factors. Reduced Fed rate cut bets continue to lend support to the USD and cap the upside. Political uncertainty in Europe weighs on the Euro ahead of the US CPI and Fed . Spot prices currently trade just below mid-1.0700s, nearly unchanged for the day, as traders await the release of the US consumer inflation figures and the crucial FOMC decision before placing fresh directional bets.
Furthermore, oscillators on the daily chart are holding in the negative territory, suggesting that the path of least resistance for the EUR/USD pair is to the downside. Hence, any attempted recovery could attract fresh sellers near the 200-day SMA. This should act as a key pivotal point, which if cleared might prompt a short-covering rally to the 1.0865-1.0870 supply zone en route to the 1.0900 mark. On the flip side, bearish traders might now wait for some follow-through selling below the 1.
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