EUR/USD turns sideways in Thursday’s European session after rallying to a fresh four-month high at around 1.0950 on Wednesday.
EUR/USD trades in a tight range around 1.0950 with ECB policy meeting in focus. The ECB may not announce subsequent rate cuts. Firm Fed rate-cut prospects have weighed on the US Dollar. The major currency pair is expected to remain quiet as investors shift to the sidelines ahead of the European Central Bank policy meeting, which will be announced at 12:15 GMT.
The near-term outlook of the major currency pair is bullish as the 20-day Exponential Moving Average near 1.0816 is sloping higher. The 14-day Relative Strength Index shifts into the bullish range of 60.00-80.00, suggesting a strong upside momentum. The shared currency pair is expected to extend its upside towards March 8 high near 1.0980. On the contrary, a downside move below the round-level support of 1.0800 could weaken the pair.
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