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EUR/USD Forecast: Some consolidation appears on the cards near term

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A humble rebound in the US Dollar (USD) prompted EUR/USD to resume its bearish tone and shift its focus to the downside at the beginning of the new trading week.

EUR/USD’s upside appears capped by 1.0700 so far. The Dollar traded with a mild upside bias. The ECB is still expected to cut rates in June. A humble rebound in the US Dollar prompted EUR/USD to resume its bearish tone and shift its focus to the downside at the beginning of the new trading week.

Looking ahead, the relatively lacklustre economic fundamentals in Euroland, combined with the resilience of the US economy, bolster expectations for a stronger Dollar in the medium term, especially considering the view that the ECB could surely start cutting rates before the Fed. In such a scenario, EUR/USD is anticipated to experience a more significant decline in the short term. EUR/USD daily chart EUR/USD short-term technical outlook The breach of the 2024 low of 1.

 

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