Last week, the European Central Bank (ECB) lowered interest rates by 0.25%, as expected. After that, ECB President Lagarde said this rate cut may be close to the end of the easing cycle. This helped the euro rise to 1.1495. However, it did not reach the highest level of the year (1.1573 in April) and then fell. When the U.S. and China held a phone meeting, fears eased, and people bought the U.S. dollar, pushing the euro down to 1.1372.
Now that rate cuts may be ending, one reason for the euro to fall is gone. But trade tensions with the U.S. may still keep the euro from rising much. If a “double top” pattern is forming (a chart pattern that can signal a price drop), the key level to watch is around 1.1050.
Expected EUR/USD range: 1.1230 -1.1450
Note: This information does not guarantee profits. Please make your own decisions when trading.