The EUR/USD pair retreats after a short-lived pullback move to near the 1.0550 in the European session. The major currency pair faced an intense sell-
EUR/USD falls back from 20-DEMA as the risk-aversion theme strengthens. The US Dollar appeal improves due to some increment in the odds of one more interest rate increase from the Fed. The ECB is expected to maintain interest rates steady at 4.5% to avoid a slowdown. off as the appeal for the US Dollar improved amid deepening Middle East tensions and some increment in expectations of one more interest rate increase from the Federal Reserve by the year-end.
The upward-sloping trendline of the aforementioned chart pattern is placed from February 2 high at 1.1033. The Relative Strength Index struggles to climb into the 40.00-60.00. A failure in the same would indicate that the downside momentum has been firmer. A fresh downside would be seen if the asset drops below October 3 low at 1.0448. This would expose the asset to a fresh 10-month low around 1.0400. A slippage below the latter would make way for 11 November 2022 high at 1.3642.
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