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EUR/USD Forecast: Absent buying interests despite prevalent optimism

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The EUR/USD pair seesaws around the 1.0770 level, confined to a tight range on Monday.

EUR/USD Current price: 1.0776 Asian and European stock markets pressure record highs, weighing on USD demand. Holidays in the United States and Canada limit volatility among major pairs. EUR/USD holds within familiar levels without clear directional strength. A light macroeconomic calendar and holidays in the United States and Canada limit the market volatility. US markets will remain closed amid Presidents Day, with no activity in stocks or bonds.

The Federal Reserve announced its decision on monetary policy late in January and cooled down expectations for a March rate cut, triggering panic among market players. The document may shed light on whether a rate cut will come in May. EUR/USD short-term technical outlook The EUR/USD pair has made no progress after closing two consecutive weeks around the current level. From a technical point of view, the risk skews to the downside, according to the daily chart.

 

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