EUR/USD portrays holiday mood below 1.0640 hurdle despite US Dollar pullback – by anilpanchal7 EURUSD ECB Fed RiskAppetite Recession
Softer US data, hawkish ECB outshine Fed talks amid light calendar, year-end sluggish sentiment.seesaws near 1.0600 as it snaps two-day downtrend amid early Monday in Europe.
The major currency pair’s latest inaction could be linked to the cautious sentiment ahead of this week’s US data, as well as mixed concerns surrounding European growth. However, hawkish comments frompolicymakers and the central bank’s readiness for higher rates keep buyers hopeful. During the last week, European PMIs have been better than the first readings of the US activity data and bolstered the bullish bias of the ECB policymakers.
Above all, the year-end consolidation and holiday mood join the light calendar to restrict immediate EUR/USD moves. Even so, the final readings of the US Q3 GDP and the Fed’s preferred version of inflation, namely Friday’s US Core Personal Consumption Expenditures -Technical analysis A daily closing beyond the previous support line from November 30, around 1.0640, becomes necessary to convince EUR/USD bulls. Otherwise, a convergence of the 21-DMA and the mid-November peak could challenge the pair sellers near 1.0480.
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