EUR/USD is under pressure amid fading expectations the Fed will cut interest rates early. The dot plot from the Fed’s meeting on Wednesday could show a shift from three to two cuts this year, Bloomberg reports. Such a change would probably cause more negativity for EUR/USD. EUR/USD has taken a step lower and is now trading within a new range in the 1.
Alternatively, if the level holds, the short-term uptrend remains intact and likely to resume. Confirmation of a higher high and an extension of the uptrend would come from a break above the 1.0981 highs. After that, tough resistance is expected at the 1.1000 psychological level – a likely bloody battlefield for bulls and bears. A decisive break above 1.1000, however, would open the gates to further gains towards the key resistance level at 1.1139, the December 2023 high.
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