EUR/USD settles near 1.0850 as data emerges

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  • EUR/USD traded at familiar levels on Tuesday as investors wait for a reason to move.
  • Wednesday begins the key date set for the second half of the trading week.
  • Fedspeak dominates headlines by curbing risk appetite.

During Tuesday’s tranquil trading session, EuR/USD remained close to known levels. Comments from Federal Reserve (Fed) officials dominated the headlines, but they did not provide much up-to-date information for investors to absorb, limiting risk appetite and keeping offers near opening prices.

Forex Today: No Progress Ahead of FOMC Minutes

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Read more: Fed policymakers stick to cautious scenario after April CPI inflation sparked hopes for interest rate cuts

The latest Federal Reserve (Fed) meeting minutes will be released on Wednesday, and investors will be watching for any signs of structural change in the Fed’s internal dialogue on interest rate cuts. Purchasing Managers Index (PMI) activity data from both the EU and the US will be released on Thursday, and Friday will end the trading week for US sturdy goods orders.

EUR/USD Technical Outlook

This week, the euro (EUR) remains stable against the US dollar (USD), and its rate differs from Monday’s opening offers by one fifth of a percent. EUR/USD is at the top of a short-term rally and the pair is at risk of a bearish pullback to the 200-day exponential moving average (EMA) at 1.0786 after failing to break north of the 1.0900 handle.

EUR/USD daily chart

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