The EUR/USD currency pair is likely to remain under downward pressure and trade in narrow ranges until the reaction of markets and investors to important events and economic data this week led by the US Federal Reserve announcement.
EUR/USD Technical analysis and forecast:
The downward momentum of the EUR/USD currency pair pushed it towards the support level of 1.0835 before stabilizing around 1.0865 at the time of writing the analysis. Despite the setbacks in the euro's gains, confidence in the European recovery story is growing; Bank of America said on Tuesday that its closely watched fund manager survey found "growing confidence in a reacceleration of European growth." According to the survey, 21% of participants expect a stronger economy in Europe over the next twelve months, up from 11% who expected further weakness last month.
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