EUR/USD Consolidates Above 1.0800, Upside Potential Limited

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The Euro/US Dollar (EUR/USD) pair is trading slightly lower in the Asian session on Friday, following a strong move-up the previous day. However, the pair

The Euro/US Dollar (EUR/USD) pair is trading slightly lower in the Asian session on Friday, following a strong move-up the previous day. However, the pair remains above the 1.0800 mark, supported by a weaker US Dollar and positive developments in the Eurozone.

Key Factors:

  • US Dollar Weakness: The US Dollar’s strength has declined, which has helped support the Euro.
  • Eurozone Economic Data: The flash Eurozone PMIs released on Thursday showed a slowdown in the economy but also indicated that disinflation is on track.
  • ECB Policy Expectations: The European Central Bank’s (ECB) dovish stance and expectations for further rate cuts are supporting the Euro.

Technical Analysis:

  • The EUR/USD pair is consolidating above the 1.0800 level.
  • The US Dollar Index (DXY) is also consolidating after a recent pullback.
  • Key economic data releases and the broader risk sentiment will influence the US Dollar’s dynamics and impact the EUR/USD pair.

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