EUR/USD Steady at 1.1050 Despite Eurozone Inflation Risks
EUR/USD trades unchanged at 1.1050 as dollar weakness offsets concerns about Eurozone inflation dynamics ahead of Tuesday's CPI release. The pair remains in a tight 30-pip range as traders balance US employment week positioning against European price pressure risks. Markets expect Eurozone inflation to tick up to 2.3% YoY from 2.2%, potentially complicating ECB's modest 7bps easing path priced for 2024. The euro finds support from the wide rate differential outlook, with Fed cuts expected to significantly exceed ECB moves. Technical analysis shows strong support at 1.1000 psychological level, with resistance at 1.1100. The pair's resilience despite inflation concerns reflects dominant dollar dynamics, with US labor market data likely to drive next directional move. A break above 1.1100 could target 1.1150, while disappointing Eurozone data might test 1.1000 support.
Related Symbols:
EURUSD
This is a summary of the original article by investing.com. To read the complete article, please visit the source website:
Read Full Article at investing.comNews data provided by Marketaux. ForexSentiment.live provides this summary as a convenience with proper attribution to the original source. The full article is available at the original publisher's website.
