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EUR/USD Holding Ground Near One-Week Low, Anticipates US Macro..

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EUR/USD Holding Ground Near One-Week Low, Anticipates US Macro Data

During Wednesday's European session, the EUR/USD pair faced significant selling pressure, driving it to a one-week low. Although spot prices demonstrated resilience below the key 1.0800 level, there was a slight rebound towards the end of the trading period. However, this recovery was limited due to increased demand for the US Dollar (USD).

Investor sentiment leaned towards the belief that the Federal Reserve (Fed) would postpone any interest rate cuts until its June policy meeting. This, coupled with a shift in global risk sentiment, favored the USD's safe-haven appeal.

The decline in US stock index futures further bolstered the USD's position midweek, placing downward pressure on the EUR/USD pair. Later, all eyes were on the US Bureau of Economic Analysis (BEA) for its second estimate of annualized Gross Domestic Product (GDP) growth for Q4. Initial estimates reported a robust 3.3% expansion, but any significant downward revision could impact the USD.

Conversely, if GDP figures remain steady or improve, it could impede EUR/USD gains, with the USD retaining strength against other currencies.

From a technical standpoint, analysts noted a potential setup with a stop at 1.0750 for short-term positions, targeting 1.08660 and 1.0900. However, it's crucial to exercise caution, as market dynamics are subject to rapid changes.

It's essential to emphasize that these insights are our own perspective and should not be construed as financial advice. Traders should conduct thorough research before making any trading decisions.