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EUR/USD consolidation ahead of US data

EUR/USD consolidation ahead of US data | 06 March 2024

06 March 2024, EUR/USD

EUR/USD consolidation ahead of US dataEvents to pay attention to today:

15:15. USD - ADP Employment Change

17:00. USD - Fed Chairman Jerome Powell Testimony

EURUSD:

EUR/USD continues consolidated price movement for the second consecutive day on Wednesday and remains in a narrow range around the mid-1.0800s during the Asian session. Spot prices got a slight boost on Tuesday amid a moderate weakening of the US dollar due to the disappointing release of the US ISM Services PMI, but the momentum faded near the 1.0875 area, or above the weekly high.

Traders seem reluctant to make aggressive bearish bets on the dollar and prefer to wait for more clarity on the Federal Reserve's (Fed) rate cut course. Thus, Fed Chairman Jerome Powell's testimony before Congress will play a key role in influencing dollar price dynamics and will provide fresh impetus to the Euro-Dollar pair. Meanwhile, lower bets on a more aggressive easing policy from the European Central Bank (ECB) could continue to support the common currency and help limit any corrective decline in EURUSD.

Trading recommendation: Trade in the channel 1.0830-1.0875, Buy priority Up to $20 for each lot in real money - get a guaranteed income by connecting Cashback promotion!

David Johnson
Analyst of «FreshForex» company
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