EUR/USD approaches 1.0800 as US labor market cools

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EUR/USD is struck in a tight range slightly below the crucial resistance of 1.0800 in Friday’s European session after a sharp recovery from 1.0725.

EUR/USD holds gains near 1.0780 as Fed rate-cut speculation keeps the US Dollar on edge. Easing US labor market conditions strengthens Fed rate-cut prospects. The ECB is projected to deliver three rate cuts this year due to easing Eurozone inflation. The major currency pair holds strength as investors have already discounted the fact that the European Central Bank will start lowering its borrowing rates in June.

0800 EUR/USD is steadily approaching the downward-sloping border of a Symmetrical Triangle pattern formed on a daily time frame, which is plotted from December 28 high around 1.1140. The upward-sloping border of the triangle pattern is marked from the October 3 low at 1.0448. The Symmetrical Triangle formation exhibits a sharp volatility contraction. The major currency pair has come closer to the 200-day Exponential Moving Average , which trades around 1.0780.

 

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