EUR/USD pulls back on geopolitical risks, Fedspeak and German data

EUR/USD sees rally cut short on a mixture of factors including geopolitical, Fed and German macro data. Middle East tensions are pushing up Oil prices, with implications for inflation. Fed officials vacillate on timing of first interest-rate cut, German factory data weighs. EUR/USD is trading back down in the lower 1.0800s on Friday after being rejected by bears at the key 100-day Simple Moving Average at 1.0874.

The decision is likely to be dependent on whether wage data released prior to the June meeting shows a decline in wage inflation. Technical Analysis: EUR/USD ping pongs with no clear direction EUR/USD rose up to the 100-day SMA at 1.0874 on Thursday before reversing to close flat on the day. In the process, a Gravestone Doji Japanese candlestick pattern was formed, with potentially bearish implications if followed by a red bearish candlestick on Friday.

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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 »