EUR/USD gained traction and closed in positive territory on Wednesday, snapping a six-day losing streak.
EUR/USD rises toward 1.0700 after closing in positive territory on Wednesday. Near-term technical outlook points to a buildup of recovery momentum. The risk-positive market environment could help the pair push higher. The paircontinues to inch higher toward 1.0700 in the European session on Thursday and the near-term technical outlook highlights a buildup of recovery momentum. The renewed US Dollar weakness helped EUR/USD stage a decisive rebound midweek.
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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