EUR/USD Forecast: Market players await a firmer catalyst

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The EUR/USD pair trades with modest gains at the beginning of the new week, still struggling to extend gains beyond the 1.0700 mark.

EUR/USD Current Price: 1.0690 The US Dollar started the week losing ground, although EUR/USD remains below 1.0700. The US Consumer Price Index and the Euro Zone Gross Domestic Product stand out this week. EUR/USD offers a neutral stance in the near term, the risk skews to the upside. The US Dollar weakenedagainst most major rivals, although it reached a fresh yearly high against the Japanese Yen, with USD/JPY hitting 151.78 and trading nearby.

Ahead of the announcement, the Euro Zone will publish the second estimate of the Q3 Gross Domestic Product expected to be confirmed at -0.1% QoQ. EUR/USD short-term technical outlook The daily chart for the EUR/USD pair favors an upward extension, although the momentum is limited. The pair develops well above a bullish 20 Simple Moving Average , currently providing dynamic support at around 1.0625. The 100 and 200 SMAs offer modest downward slopes, converging around the 1.0800 price zone.

 

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