EUR/USD Tests Chart Resistance Near 1.0860 Ahead of Critical Data and Central Bank Events

EUR/USD rallied towards 1.0860 to start the week, facing near-term technical resistance as traders await crucial US labor data and central bank events. The pair

EUR/USD rallied towards 1.0860 to start the week, facing near-term technical resistance as traders await crucial US labor data and central bank events. The pair remains rangebound, mirroring market indecision as investors anticipate signals from the Federal Reserve (Fed) and the European Central Bank (ECB).

Fed Chairman Jerome Powell’s testimony before Congress on Wednesday and Thursday and the ECB’s rate decision on Thursday loom large for both currencies. EUR/USD remains trapped within a tight consolidation range between 1.0800 and 1.0860, highlighting a lack of clear direction.

The daily chart reveals a sideways drift near the 200-day Simple Moving Average (SMA) at 1.0830. Despite a recent 1.5% bounce from the 1.0700 swing low, the pair remains 2.6% below December’s peak near 1.1140, reflecting lingering bearish pressure.

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