EUR/USD seems to have gone into a consolidation phase above 1.0800 early Monday after snapping a three-week losing streak.
EUR/USD trades in a tight channel above 1.0800 on Monday. The near-term technical outlook doesn't point to a buildup of directional momentum. The paircould encounter stiff resistance at 1.0870. The near-term technical outlook highlights the pair's indecisiveness. The US Dollar gathered strength in the American session on Friday and caused EUR/USD to drop below 1.0800. The data released by the US Bureau of Labor Statistics showed that Nonfarm Payrolls rose by 303,000 in March.
In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY , EUR/GBP and EUR/AUD . What is the ECB and how does it impact the Euro? The European Central Bank in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy.
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