EUR/USD rallies back up to 1.0900s after Fed meeting

EUR/USD rallies after a dovish hold by the Fed weakens the US Dollar. The Fed continues to expect to make three 0.25% interest rate cuts in 2024, same as December. Eurozone PMI data to give the latest assessment of the region’s economic well being. EUR/USD is trading back up in the 1.0900s on Thursday, after surging higher following the Federal Reserve meeting.

Composite PMI for the Eurozone is expected to show a rise to 49.7 in March from 49.2 in February, the Services PMI is forecast to come out at 50.5 from 50.2, and Manufacturing at 47.0 from 46.5 previously, A higher-than-expected result would likely be bullish for EUR/USD and vice versa for a lower-than-expected result. Technical Analysis: EUR/USD returns to the 1.0900s EUR/USD reversed on a dime at around the level of the 200-day Simple Moving Average in the 1.

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EUR/USD trades at make-or-break level after Thursday’s sell-offEUR/USD is trading in the 1.0800s on the last day of the week after taking a step down from its previous range in the 1.0900s.
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EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since Mar 06, 2024 03:00 GMT when EUR/USD traded near 1.09.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/USD-bearish contrarian trading bias.
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