EUR/USD Forecast: Euro rally could lose steam ahead of key US data

EUR/USD holds steady near 1.0850 following a two-day rally. Investors could refrain from taking large positions ahead of the US jobs report. The near-term technical outlook points to overbought conditions. The pair's near-term technical outlook points to overbought conditions as market focus shifts to key labor market data from the US on Friday. Disappointing ISM Services PMI data from the US triggered a US Dollar selloff in the American session on Wednesday. The headline PMI declined to 51.

Euro FAQs What is the Euro? The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY , EUR/GBP and EUR/AUD .

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