EUR/USD PRICE FORECAST: SOFTENS TO NEAR 1.1350, OVERBOUGHT RSI CONDITION EYEED
EUR/USD PRICE FORECAST: SOFTENS TO NEAR 1.1350, OVERBOUGHT RSI CONDITION EYEED
The EUR/USD pair eased to around 1.1365 during Thursday's early European session, retreating from recent highs.
This pullback comes as traders await the European Central Bank's (ECB) interest rate decision later today.
The market anticipates a 25 basis point rate cut, which could influence the euro's trajectory.
The Relative Strength Index (RSI) for EUR/USD indicates overbought conditions, suggesting potential for a short-term correction.
A high RSI reading typically signals that a currency pair may be due for a pullback.
Investors are closely monitoring the ECB's policy stance, particularly any forward guidance on future rate cuts. The central bank's decisions and statements will be pivotal in shaping market expectations for the euro's performance.
Traders are also awaiting key U.S. economic data, including Building Permits, Housing Starts, the Philly Fed Manufacturing Index, and weekly Initial Jobless Claims.
These indicators could provide insights into the U.S. economy's health and influence the USD's strength.
