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EUR/USD Price Analysis: Hovers around 1.0750 within the consolidative range

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EURUSD News

Technical Analysis,Majors

EUR/USD halts its three-day winning streak, trading around 1.0730 during the Asian hours on Monday.

EUR/USD may test the lower level of the range at 1.0670. The 14-day RSI suggests the confirmation of the bearish bias for the pair. The pair could find an immediate barrier at the 50-day EMA at 1.0769. A technical analysis of the daily chart indicates a bearish bias, with the pair consolidating within a descending channel. The 14-day Relative Strength Index remains slightly below the 50 level, suggesting the EUR/USD pair trading within a consolidative range between 1.0780-1.0670.

Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.

 

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