The ECB is looking increasingly likely to the be the first major central bank to start cutting interest rates, and this will affect the value of the single currency
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests EUR/USD prices may continue to fall.made a strong turnaround midweek as the pair made a fresh multi-month low and touched the 0.8500 area. The strength of the rebound took EUR/back above the 20-day sma, and a move above 0.8573 would also break the recent series of lower highs. If this happens then the pair may look to move back above 0.8600 with a handful of recent prints around 0.
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