There is a high demand for the Euro due to the expected decrease in the difference between the policies of the Fed and ECB.
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- Euro has attracted significant bids as a decline in the Fed-ECB policy divergence is widely anticipated.
The Euro has driven the major currency pair closer to the round-level resistance of 1.0800 after a sharp recovery from 1.0743. The EUR/USD pair has attracted investors’ attention amid a firmer risk-appetite theme and hopes of a decline in the Federal Reserve (Fed)-European Central Bank (ECB) policy divergence.
A volatile action is expected this week from the Euro as ECB President Christine Lagarde will announce its June interest rate decision. While the scale of volatility from the US Dollar will also higher as the Federal Reserve will also announce its interest rate policy on Wednesday. But before that, heavy action is anticipated from the major currency pair ahead of the release of the United States Consumer Price Index (CPI) data (May), which will release at 12:30 GMT on Tuesday.
The Euro is confidently driving the major currency pair higher in a Rising Channel chart pattern on a four-hour scale in which each corrective move is considered a buying opportunity by the market participants. EUR/USD has refreshed its three-week high around 1.0800, however, the 200-period Exponential Moving Average (EMA) at around 1.0800 might act as a barricade for the Euro bulls.
Buyers could show more interest if the EUR/USD manages to sustain comfortably above 1.0800. The upside bias could be ruined if the major currency pair drops below June 12 low of 1.0733.
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