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EUR/USD Declines as US Dollar Strengthens Following Dissipated Fed Rate-Cut Expectations
The upcoming Eurozone CPI and US core PCE inflation data are critical as they will heavily impact market speculations regarding potential interest rate cuts by the European Central Bank (ECB) and the US Federal Reserve (Fed).
Technical Analysis: EUR/USD Unable to Maintain Momentum Near Two-Month High
The EUR/USD pair encountered significant selling pressure as the US Dollar regained strength. Despite breaking out of a Symmetrical Triangle pattern on the daily chart, the pair struggled to maintain its upward momentum.
In the near term, the EUR/USD outlook remains positive, trading above all short-to-long-term Exponential Moving Averages (EMAs). However, the 14-period Relative Strength Index (RSI) has fallen into the 40.00-60.00 range, indicating a decline in the previously strong bullish momentum.