EUR/USD Gains Limited by USD Strength
EUR/USD edges higher after three losses, trading around 1.0420 in Thursday’s Asian session, driven by a technical USD rebound. The US Dollar Index (DXY) remains just under 108.00.
Further EUR/USD gains may be limited as the Fed maintains a hawkish stance, removing confidence in inflation reaching 2%. Fed Chair Powell stated policy changes require "real progress on inflation or labor market weakness." As expected, the Fed held rates at 4.25%-4.50% in January after three cuts since September 2024, totaling a 1% reduction.
Meanwhile, the ECB is expected to cut rates by 25 basis points on Thursday, lowering the Deposit Rate to 2.75%, with further cuts anticipated, pressuring the Euro. Traders await Eurozone and German Q4 GDP data, followed by the US GDP report later.
Technically, resistance levels are at 1.0450, 1.0515, and 1.0550, while support levels are at 1.0355, 1.0270, and 1.0225.
Further EUR/USD gains may be limited as the Fed maintains a hawkish stance, removing confidence in inflation reaching 2%. Fed Chair Powell stated policy changes require "real progress on inflation or labor market weakness." As expected, the Fed held rates at 4.25%-4.50% in January after three cuts since September 2024, totaling a 1% reduction.
Meanwhile, the ECB is expected to cut rates by 25 basis points on Thursday, lowering the Deposit Rate to 2.75%, with further cuts anticipated, pressuring the Euro. Traders await Eurozone and German Q4 GDP data, followed by the US GDP report later.
Technically, resistance levels are at 1.0450, 1.0515, and 1.0550, while support levels are at 1.0355, 1.0270, and 1.0225.
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