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EUR/USD Forecast: Euro could target new 2024 lows on a dovish ECB tone

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EUR/USD came under heavy bearish pressure and registered its largest one-day loss of 2024 on Wednesday, losing over 1%.

EUR/USD trades in a tight range below 1.0750 following Wednesday sharp decline. The European Central Bank is forecast to leave key rates unchanged. The near-term technical outlook points to oversold conditions. The pair holds steady slightly below 1.0750 early Thursday as investors await the European Central Bank monetary policy announcements.

In case Lagarde adopts a cautious tone regarding the inflation outlook and casts doubt over a reduction in key rates in June, the Euro could erase a portion of Wednesday's losses. EUR/USD Technical Analysis The Relative Strength Index indicator on the 4-hour chart stays below 30, pointing to oversold conditions. Investors, however, could ignore this development when reacting to the ECB event. 1.0730 aligns as interim support before 1.0700 .

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