EUR/USD Forecast: Bulls may soon give up

📆 5/7/2024 12:37 PM
📰 FXStreetNews

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Financial markets lack clues on Tuesday, resulting in major pairs trading within familiar levels.

EUR/USD Current price: 1.0768 European Central Bank officials continue paving the way towards a June rate cut. Wall Street consolidates Monday’s gains as investors await earnings updates. EUR/USD loses the near-term bullish potential, critical support at 1.0700. The EUR/USD pair hovers around 1.0760, little changed for a second consecutive day.

Also, Fed’s speakers could gather attention, with Federal Reserve Bank of Minneapolis President Neel Kashkari due to offer a speech. The American session will also bring the US May TIPP Economic Optimism index and March Consumer Credit Change. EUR/USD short-term technical outlook As said, EUR/USD is unchanged for a second consecutive day, with a modest downward bias. The daily chart shows the pair remains below a bearish 200 Simple Moving Average , providing dynamic resistance at around 1.0795.

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