EUR/USD Outlook: Bulls seem non-committed, remain at the mercy of USD price dynamics by HareshMenghani eurusd dxy majors
an absolute majority in a parliamentary election. The modest bearish gap down, however, was quickly bought into amid the emergence of freshselling. Against the backdrop of the post-FOMC decline in the US Treasury bond yields, a generally positive tone around the equity markets turned out to be a key factor that undermined the safe-haven greenback.
The EUR/USD pair held steady above the said handle through the Asian session on Tuesday and remains at the mercy of the USD price dynamics. There isn't any major market-moving macro data due for release from the Eurozone, while the US economic docket features Existing Home Sales. This, along with the US bond yields and the broader market risk sentiment, might influence the USD demand and provide some impetus to the major.
On the flip side, immediate support is pegged near the 1.0470 area, below which spot prices could slide back to the 1.0400 round figure en-route the YTD low, around mid-1.0300s set in May and retested last week. Some follow-through selling would be seen as a fresh trigger for bearish traders and make theInformation on these pages contains forward-looking statements that involve risks and uncertainties.