EUR/USD gathered bullish momentum and climbed to its highest level in over a week above 1.0850.
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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EUR/USD Forecast: Euro closes in on key 1.0800 supportFollowing Wednesday's upsurge, EUR/USD turned south on Thursday and closed the day deep in negative territory.
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EUR/USD Forecast: Euro could test 1.1000 nextEUR/USD gathered bullish momentum after declining below 1.0850 on Wednesday and closed the day with strong gains above 1.0900.
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