💶 $EURUSD lost its traction in the European morning on Monday and dropped below 1.0900. The pair remains technically bearish and additional losses could be seen once 1.0840 support fails. Read more about the Euro here! 👇
Strong support seems to have formed at 1.0840.Following Friday's rebound,lost its traction in the European morning on Monday and dropped below 1.0900. The pair remains technically bearish and additional losses could be seen once 1.0840 support fails.
The market positioning, however, suggests that the PCE inflation data had little to no impact on the market pricing of the Federal Reserve's rate outlook. Hence, the USD's bearish action on Friday could have been exaggerated by quarter-end flows. It's worth noting that stock and bond markets in the US will close early in observance of the Independence Day holiday. As a result, EUR/USD could have a difficult time finding direction with trading conditions thinning out in the American session.At the time of press, EUR/USD was trading slightly below 1.0900, where the 100- and 20-period Simple Moving Averages on the four-hour chart align. In case the pair fails to stabilize above that level, 1.0870 aligns as first support before 1.0840 .
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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