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EUR/USD Forecast: Sellers taking over, break through 1.0700 at sight

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EURUSD News

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After failing to extend gains beyond the 1.0750 region, the EUR/USD pair eased on Thursday, falling to an intraday low of 1.0712 posted during European trading hours.

EUR/USD Current price: 1.0721 ECB policymaker Klass Knot hinted at more rate cuts before year end. Dismal United States data limits US Dollar strength ahead of Wall Street’s opening. The EUR/USD pair is in retreat mode after failing to overcome the 1.0750 price zone. Nevertheless, financial markets seem to be in a good mood, limiting US Dollar strength. Asian and European indexes trade in the green, underpinning Wall Street ahead of the opening.

Finally, the Philadelphia Fed Manufacturing Survey printed at 1.3 in June, down from the previous 4.5 and worse than the 5 anticipated. Later in the session, the European Commission will release the preliminary estimate of the June Consumer Confidence index. EUR/USD short-term technical outlook From a technical point of view, EUR/USD has room to extend its slide.

 

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EUR/USD Forecast: Euro sellers could take action if 1.0800 support failsAfter rising above 1.0850 during the European trading hours on Thursday, EUR/USD reversed its direction and fell toward 1.0820, closing the fourth consecutive day in negative territory.
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