The EUR/USD pair struggles to capitalize on its recent recovery gains registered over the past two days and oscillates in a narrow band during the Asi
Bets that the ECB is done hiking rates act as a headwind for the shared currency.Traders seem reluctant and prefer to wait for the FOMC decision on Wednesday.pair struggles to capitalize on its recent recovery gains registered over the past two days and oscillates in a narrow band during the Asian session on Tuesday. Spot prices currently trade just below the 1.
The USD Index , which tracks the Greenback against a basket of currencies, remains depressed below its highest level since March set last week as traders seem reluctant to place fresh bullish bets ahead of the key central bank event risk. The Federal Reserve is scheduled to announce the outcome of the highly-anticipated two-day monetary policy meeting on Wednesday and is widely expected to stand path.
Hence, any subsequent move up might still be seen as a selling opportunity and runs the risk of fizzling out rather quickly. Bearish traders, however, might wait for weakness below the 1.0635-1.0630 region before positioning for an extension of a two-month-old downtrend from the 1.1275 zone, or a 17-month top touched in July. The EUR/USD pair might then turn vulnerable to accelerate the fall towards challenging the YTD low, around the 1.0480 area set in January.
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