The EUR/USD pair traded within a narrow range in Wednesday's session, seemingly hindering the strong retreat seen in the previous day from the 1.0675 area or the highest level in a week. The spot price attempted to hold above the 1.0500 level, although the fundamental context calls for caution before determining any meaningful price increase.
Official data released by Eurostat on Tuesday showed that the Harmonized Index of Consumer Prices (HICP) for the euro area decelerated sharply from an annual rate of 4.3% to 2.9% in October.
This reflects the slowest consumer price growth since July 2021 and reaffirms market expectations that the European Central Bank (ECB) will not raise interest rates further. Additionally, the looming risk of an economic downturn may continue to weaken the common currency and act as a resistance for the EUR/USD pair.
It is expected that the price will continue to move sideways within the range between the resistance at 1.065 and the support at 1.046 in the near future.
Official data released by Eurostat on Tuesday showed that the Harmonized Index of Consumer Prices (HICP) for the euro area decelerated sharply from an annual rate of 4.3% to 2.9% in October.
This reflects the slowest consumer price growth since July 2021 and reaffirms market expectations that the European Central Bank (ECB) will not raise interest rates further. Additionally, the looming risk of an economic downturn may continue to weaken the common currency and act as a resistance for the EUR/USD pair.
It is expected that the price will continue to move sideways within the range between the resistance at 1.065 and the support at 1.046 in the near future.
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