EUR/USD edges down to near the crucial support of 1.0700 in Friday’s European session.
EUR/USD drops to near 1.0700 amid uncertainty ahead of US core PCE Inflation data for May. The US Dollar exhibits strength on the Fed ’s hawkish remarks. The near-term outlook of the Euro is uncertain ahead of French elections and the Eurozone preliminary HICP. The major currency pair corrects modestly as the market sentiment is slightly cautious ahead of the United States core Personal Consumption Expenditure price index data for May, which will be published on Friday at 12:30 GMT.
A fresh downside would appear if the asset delivers a decisive breakdown of the above-mentioned chart pattern. The shared currency pair establishes below the 200-day Exponential Moving Average near 1.0780, suggesting that the overall trend is bearish. The 14-period Relative Strength Index hovers near 40.00. A bearish momentum would trigger if the oscillator slips below the same. Euro FAQs What is the Euro? The Euro is the currency for the 20 European Union countries that belong to the Eurozone.
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