EUR/USD labors higher on profit-taking

EUR/USD continues its bounce higher as traders take profit after last week’s volatile sell-off. The divergence between Federal Reserve and European Central Bank speakers suggests future weakness is possible. US Durable Goods Orders are the main release for the pair on Tuesday. EUR/USD is trading over a tenth of a percent higher in the mid 1.0800s on Tuesday, in line with broader US Dollar selling.

Technical Analysis: EUR/USD pulls back in short-term downtrend EUR/USD continues to labor higher on Tuesday after bouncing off the lows of the wave B of the three-wave Measured Move pattern that unfolded higher during February and early March. The current recovery looks like a pullback in an established short-term downtrend with eventual weakness likely to resume. Euro versus US Dollar: 4-hour chart A decisive break below the B-wave lows at roughly 1.

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EUR/USD finds floor in 1.0800s as Fed meeting slides into viewEUR/USD has taken a step lower and is now trading within a new range in the 1.0800s following last week’s warmer-than-expected US inflation data, which increased the probability the Federal Reserve (Fed) will need to keep interest rates higher for longer.
Source: FXStreetNews - 🏆 14. / 72 Read more »