EUR/USD trades in a tight range near 1.0850 in Monday’s European session.
EUR/USD trades back and forth near 1.0850 ahead of crucial Eurozone/US events. The ECB may cut interest rates two more times this year. The Fed is expected to openly endorse rate cuts in September. The major currency pair struggles for direction as investors have sidelined ahead of the Eurozone preliminary Harmonized Index of Consumer Prices for July and the Fed eral Reserve’s monetary policy announcement on Wednesday.
The major currency pair extends its downside below the 20-day Exponential Moving Average , which trades around 1.0840. The shared currency pair could slide further towards round-level supports near 1.0800 and 1.0700. The 14-day Relative Strength Index returns within the 40.00-60.00 range, suggesting the bullish momentum has faded. On the upside, the round-level resistance of 1.0900 will be a key barrier for the Euro bulls.
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