EURUSD Technical Analysis – We got stuck in a consolidation ...Middle East

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EURUSD Technical Analysis – We got stuck in a consolidation
Fundamental OverviewThe USD has been generally under pressure since the benign US CPI report last week as the hawkish expectations subsided and the market switched its focus from inflation back to growth. This triggered a positive risk sentiment which is generally negative for the greenback and benefited the other major currencies. The EUR, on the other hand, has been gaining ground mostly because of the US Dollar softness amid positive risk sentiment. One thing to watch will be the Eurozone wage growth data tomorrow as that might shape market’s expectations for rate cuts beyond June. EURUSD Technical Analysis – Daily TimeframeOn the daily chart, we can see that EURUSD rallied into the key 1

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