The EUR/USD pair bottomed for January at 1.0723 on Monday and trades nearby as the new day develops.
EUR/USD Current price: 1.0734 The US Dollar pared its rally as the market sentiment marginally improved. European data was mixed but did not impact the Euro, still trading on sentiment. EUR/USD trades near its January low and is poised to break below it. The US Dollar retains its strength across the FX board, although the momentum eased alongside government bond yields’ run. Financial markets are still digesting global rate cut delays, which won’t come as soon as expected.
9% MoM in December, beating the market expectations. On the contrary, the Eurozone informed Retail Sales fell 1.1% MoM in the same month, worse than anticipated. The upcoming American session will bring nothing of interest, although a few Federal Reserve speakers will be on the wires and may introduce some noise. EUR/USD short-term technical outlook The EUR/USD pair trades near its monthly low, and the daily chart shows there’s room for another leg south.