EURUSD Technical Analysis – The greenback remains on the backfoot ...Middle East

Fundamental OverviewThe USD has been on the backfoot since the beat in the US ISM Services PMI where the data showed that the last month drop was just a blip and overall we have a resilient economy with lower inflationary pressures. The data continues to reinforce the narrative that the next move is more likely to be a rate cut, and that inflation is likely to keep coming back to target. This could keep weighing on the greenback as the positive risk sentiment due to the pickup in global growth is generally a headwind. The EUR, on the other hand, has been gaining ground against the USD mainly because of the Dollar weakness amid the general risk-on sentiment regime. Yesterday, the Euro got a b

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