EURUSD: Euro Dragged Lower By Sterling

Major currencies are currently trading in the red, except for cable (support from the EURGBP cross). At the time of writing, the euro was trading at 1.1896. After sliding to 1.1883, the key pair recovered 38%. The single currency is on the back foot due to a decline in the major EURGBP cross. However, other crosses are preventing a deep decline.

Uncertainty will prevail on the market until Powell's speech. If the Fed Chairman reassures investors and US10Y yields fall, then the euro could retrace to 1.1930. Otherwise, we should expect a leg down to the range of 1.1831 (112-degree angle) -1.1861.

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Disclaimer: Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial ...

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