The EUR/USD pair struggles to gain any meaningful traction on Thursday and oscillates in a narrow band below mid-1.0500s through the Asian session. Th
EUR/USD consolidates in a narrow trading band through the Asian session on Thursday. The fundamental backdrop and the technical setup support prospects for further losses. A convincing breakout through the descending channel hurdle will negate the bearish bias. e fundamental backdrop, meanwhile, seems tilted in favour of bearish traders and suggests that the path of least resistance for spot prices is to the downside.
Hence, a slide back towards retesting the weekly low, around the 1.0500 psychological mark, looks like a distinct possibility. Some follow-through selling will be seen as a fresh trigger for bearish traders and drag the EUR/USD pair back to the YTD trough, around the 1.0450-1.0445 region touched earlier this month. On the flip side, the 1.0600 mark, which now coincides with the descending trend-channel resistance, should continue to act as an immediate strong barrier.
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