EUR/USD rebounds to near 1.0770 in European trading hours on Thursday.
EUR/USD recovers to near 1.0770 ahead of Fed policy while Trump's victory keeps downside bias intact German three-party coalition collapsed, paving the way for snap elections in early 2025. The Fed is expected to cut interest rates by 25 bps to 4.50%-4.75%. The major currency pair bounces back after posting a more than four-month low below 1.0700 on Wednesday.
However, the major currency pair’s recovery appears to be lacking strength as declining 20-day and 50-day Exponential Moving Averages near 1.0860 and 1.0920, respectively, suggest a strong bearish trend. Additionally, the 14-day Relative Strength Index retreats below 40.00, suggesting a resumption of the bearish momentum. The upward-sloping trendline around 1.0800, which is plotted from the April 16 low at around 1.0600, will act as a key resistance zone for Euro bulls.
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