Traders are now looking ahead to the upcoming US PMI data to drive the next move in the currency pair. In the meantime, price action remains range-bound around key hourly moving averages. The market sentiment is currently characterized by a ‘fade the pop’ approach, indicating that short-term traders are selling rallies. As a result, the currency pair has returned to its opening levels for the day. The consolidation in price action suggests that traders are awaiting further clarity from the upcoming US economic data to determine the next direction for EUR/USD.
EUR/USD Retreats After Lackluster Data
