The US Dollar trades with a firmer tone ahead of Wall Street’s opening, resulting in EUR/USD hovering near the weekly low at 1.0834.
EUR/USD Current price: 1.0839 European Central Bank policymakers reiterated fresh data in June may back a rate cut. The Federal Reserve will announce its monetary policy decision in the American afternoon. EUR/USD is technically bearish, but upcoming direction will depend on the Fed. The Euro fell with the European open and following comments from European policymakers, which anyway did not add much to what the market already knows.
The central bank will announce its monetary policy decision in the American afternoon and release the Summary of Economic Projections or dot plot, which will shed light on policymakers’ economic perspectives and potential rate cuts. EUR/USD short-term technical outlook The EUR/USD pair is down for a third consecutive day and the risk of a steep decline increases. The pair peaked for the day at 1.0871, just above a critical Fibonacci level, the 38.2% retracement of the 1.1139/1.0694 slide at 1.
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