EUR USD down

EUR/USD consolidates gains above 1.0800, awaits Fed Minutes

From a technical point of view, EUR/USD’s daily chart shows its closing in the green for a fifth consecutive day. The same chart shows it trades above converging 20 and 100 Simple Moving Averages (SMAs) in the 1.0790 price zone, while it retreated from around a flat 200 SMA, currently around 1.0825. Technical indicators, in the meantime, maintain their upward slopes just below their midlines, suggesting bulls are willing to push EUR/USD further up.

EUR/USD is holding gains above 1.0800 early Wednesday, having hit two-week highs on Tuesday. The US Dollar remains broadly weak, despite a mixed market mood, as investors weigh Fed rate cut bets and US government shutdown risks ahead of the Fed Minutes.