EUR/USD holds gains tight range above 1.0800 due to multiple tailwinds. Fed Powell’s caution on the US labor market pushes the US Dollar on the backfoot. The Euro gains as the far right’s defeat eases upside risks to widening French financial crisis. The major currency pair shifts to the sidelines as investors await the United States Consumer Price Index data for June, which will be published on Thursday.
The overall trend of the shared currency pair has also strengthened as it has jumped above the 200-day EMA, which trades around 1.0800. A Symmetrical Triangle formation on the daily timeframe exhibits a sharp volatility contraction, which indicates low volume and narrow ticks. The 14-day Relative Strength Index reaches 60.00. Should the bullish momentum be triggered if it breaks above 60.