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EUR\/USD depreciates in Thursday\u2019s European session after rallying to a fresh four-month high near\u00a01.0950 on Wednesday. The major currency pair is expected to remain quiet as investors shift to the sidelines ahead of the European Central Bank (ECB) policy meeting, which will be announced at 12:15 GMT.<\/p>\n
The ECB is expected to leave its key rates<\/a> unchanged this time as officials have been refraining from committing a pre-defined rate-cut path amid concerns over sticky inflation in the service sector, which could reverse the disinflation process. Therefore, investors will look for cues about when the ECB cuts interest rates further.<\/p>\n ECB President Christine Lagarde<\/a> may not provide a specified rate-cut path and will emphasize the need for more data to gain confidence that the disinflation process will not stall before loosening policy further.<\/p>\n The ECB delivered its first rate cut in June after maintaining a restrictive interest rate framework for two years to tame hot inflationary pressures driven by coronavirus-pandemic-led stimulus. The reasoning behind unwinding the tight policy stance was the firm confidence of officials that risks to inflation and the economy are finely balanced and price pressures will return to the desired rate of 2%.<\/p>\n Currently, financial markets expect that the ECB will deliver two more rate cuts this year. The ECB is also expected to deliver its next rate-cut move in September.<\/p>\n <\/a><\/p>\n EUR\/USD trades sideways around 1.0950, inside Wednesday\u2019s trading range ahead of the ECB<\/a> policy meeting. The major currency pair remains firm after a breakout of the Symmetrical Triangle formation on a daily timeframe. A breakout of the above-mentioned chart<\/a> pattern results in wider ticks and heavy volume.<\/p>\n \u00a0The near-term outlook<\/a> of the major currency pair is bullish as the 20-day Exponential Moving Average (EMA) near 1.0816 is sloping higher.\u00a0<\/p>\n The 14-day Relative Strength Index (RSI) shifts into the bullish range of 60.00-80.00, suggesting a strong upside momentum.<\/p>\n The shared currency pair is expected to extend its upside towards March 8 high near 1.0980. On the contrary, a downside move below the round-level support of 1.0800 could weaken the pair.<\/p>\n The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Australian Dollar.<\/p>\n The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)\/USD (quote).<\/p>\n<\/div>\n<\/div>\nDaily Digest Market Movers: EUR\/USD turns sideways\u00a0while US Dollar remains fragile<\/h2>\n
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Technical Analysis: EUR\/USD stays above 1.0900<\/h2>\n
Euro PRICE Today<\/h2>\n
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\n \n\u00a0<\/th>\n USD<\/th>\n EUR<\/th>\n GBP<\/th>\n JPY<\/th>\n CAD<\/th>\n AUD<\/th>\n NZD<\/th>\n CHF<\/th>\n<\/tr>\n<\/thead>\n \n USD<\/th>\n \u00a0<\/td>\n 0.08%<\/td>\n 0.17%<\/td>\n 0.14%<\/td>\n -0.05%<\/td>\n -0.09%<\/td>\n 0.19%<\/td>\n 0.07%<\/td>\n<\/tr>\n \n EUR<\/th>\n -0.08%<\/td>\n \u00a0<\/td>\n 0.09%<\/td>\n 0.05%<\/td>\n -0.13%<\/td>\n -0.17%<\/td>\n 0.11%<\/td>\n -0.01%<\/td>\n<\/tr>\n \n GBP<\/th>\n -0.17%<\/td>\n -0.09%<\/td>\n \u00a0<\/td>\n -0.04%<\/td>\n -0.23%<\/td>\n -0.25%<\/td>\n 0.04%<\/td>\n -0.09%<\/td>\n<\/tr>\n \n JPY<\/th>\n -0.14%<\/td>\n -0.05%<\/td>\n 0.04%<\/td>\n \u00a0<\/td>\n -0.19%<\/td>\n -0.21%<\/td>\n 0.04%<\/td>\n -0.05%<\/td>\n<\/tr>\n \n CAD<\/th>\n 0.05%<\/td>\n 0.13%<\/td>\n 0.23%<\/td>\n 0.19%<\/td>\n \u00a0<\/td>\n -0.03%<\/td>\n 0.25%<\/td>\n 0.13%<\/td>\n<\/tr>\n \n AUD<\/th>\n 0.09%<\/td>\n 0.17%<\/td>\n 0.25%<\/td>\n 0.21%<\/td>\n 0.03%<\/td>\n \u00a0<\/td>\n 0.29%<\/td>\n 0.19%<\/td>\n<\/tr>\n \n NZD<\/th>\n -0.19%<\/td>\n -0.11%<\/td>\n -0.04%<\/td>\n -0.04%<\/td>\n -0.25%<\/td>\n -0.29%<\/td>\n \u00a0<\/td>\n -0.12%<\/td>\n<\/tr>\n \n CHF<\/th>\n -0.07%<\/td>\n 0.01%<\/td>\n 0.09%<\/td>\n 0.05%<\/td>\n -0.13%<\/td>\n -0.19%<\/td>\n 0.12%<\/td>\n \u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Economic Indicator<\/h2>\n
ECB Main Refinancing Operations Rate<\/h3>\n