EURUSD Technical Analysis – The pair broke through a key support ...Middle East

Fundamental OverviewThe USD was sold across the board on Wednesday following the soft US CPI report. The data made the market to price back in two cuts for this year. Later in the day though we got a bit more hawkish than expected FOMC decision where the dot plot showed that the Fed sees just one cut for this year despite the soft US CPI report. This gave the greenback a boost although Fed Chair Powell backpedalled on the projections making them a bit less worrying as the central bank remains very data dependent. Moreover, the US Dollar found further support yesterday as the market went into risk-off mode for unclear reasons. The EUR, on the other hand, got hit hard by the European elections

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