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Euro softens near 1.1546 as traders watch US rate differentials
In a short-term technical outlook, EUR/USD is hovering close to its 50-day moving average after an earlier spike to 1.1580, with support eyed near 1.1520.
Yahoo Finance market commentary said the euro is slightly weaker on Monday ahead of the New York session, with EUR/USD easing to 1.1546 after trading up to 1.1580.
The analysis noted EUR/USD is moving close to its 50-day EMA and highlighted the 1.1520 area as a potential support level, warning that a breakdown below it could open the door to a deeper correction.
The piece framed the move as tied to the interest rate situation in the United States versus Europe, describing the market as attempting to turn around from a longer-term perspective while also leaving room for a “rising wedge” interpretation.
The commentary also discussed GBP/USD staying in consolidation near the 1.35 area and USD/CAD firming versus the Canadian dollar after a double-bottom pattern, again pointing to interest rate differentials as a driver.
Latest closeEUR/USD 1.155 ▼0.1%|GBP/USD 1.351 ▲0.1%