EUR/USD pinned into low end below 1.0700 once again

📆 6/27/2024 12:02 AM
📰 FXStreetNews

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Consumerconfidence,Fed,GDP

EUR/USD backslid into the 1.0680 region on Wednesday after the German GfK Consumer Confidence Survey for July ticked lower unexpectedly, and a lack of meaningful data during the American trading session left investors to chew on a cautious Federal Reserve (Fed) stance this week that saw rate cut bets shift lower.

EUR/USD flubs the 1.0700 handle as bearish flows keep the Fiber pinned. Broad-market sentiment favored the Greenback on Wednesday as rate cut hopes dry up. Late-week key data prints to drive market momentum after an easy start to the week. EUR/USD backslid into the 1.

0722 and a supply zone baked in below 1.0680. The Fiber is poised for a fresh decline into new near-term lows below 1.0660 if buyers aren’t able to shake off a pattern of descending highs. A rough descending channel is keeping daily candlesticks tilted towards the downside, and price action continues to waffle on the south side of the 200-day EMA at 1.0796. A last bearish push to 1.0600 could see a bullish bounce back towards chart territory north of 1.

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EUR/USD escapes Wednesday’s holiday volatility trap, set for wait to meaningful dataEUR/USD cycled on Wednesday with US markets out for a midweek holiday, and the Fiber heads into the back half of the trading week with mid-tier data on the offering, leaving investors to look ahead to Friday’s Purchasing Managers Index (PMI) activity figures for meaningful data releases to drive sentiment in either direction.
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