EUR/USD Faces Key Resistance, Traders Eye Short Opportunities
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The EUR/USD is approaching a significant resistance area, marked by the 61.8% Fibonacci retracement level from the previous swing high. We are currently seeking a short setup based on this technical analysis. Meanwhile, from a fundamental perspective, the EUR/USD has experienced a slight decline after its climb towards 1.0800 on Thursday. Investors are exercising caution and staying on the sidelines as they await the release of the highly-anticipated May jobs report from the US. The outcome of this report could have a significant impact on the market's expectations regarding the Federal Reserve's next rate decision.
Dovish expectations regarding the Federal Reserve's stance continued to dominate the financial markets on Thursday, leading to considerable downward pressure on US Treasury bond yields and the US Dollar (USD). The US Bureau of Labor Statistics revised the increase in Unit Labor Costs for the first quarter down to 4.2% from the previously estimated 6.3%. Furthermore, Philadelphia Federal Reserve Bank President Patrick Harker reiterated his belief that it is time for the central bank to take a pause and "hit the stop button" for at least one meeting.
Dovish expectations regarding the Federal Reserve's stance continued to dominate the financial markets on Thursday, leading to considerable downward pressure on US Treasury bond yields and the US Dollar (USD). The US Bureau of Labor Statistics revised the increase in Unit Labor Costs for the first quarter down to 4.2% from the previously estimated 6.3%. Furthermore, Philadelphia Federal Reserve Bank President Patrick Harker reiterated his belief that it is time for the central bank to take a pause and "hit the stop button" for at least one meeting.
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