The common currency posted declines for the fourth consecutive session. The euro closed near a 7-day low. The US administration postponed the hike in tariffs on automobile imports that were due to come into effect this weekend. The eurozone’s final inflation report is due today. Economists forecast that final inflation figures for April will see headline inflation rising 1.7% while core inflation is forecast to rise 1.2% on a year over year basis.
Can the EURUSD Pare Losses?
The common currency fell to lows of 1.1172 on Thursday. Early Asian trading shows a possible rebound in price action. If this reversal is confirmed, then the EURUSD could possibly push higher in the near term. The short-term upside target is seen at 1.1223 indicating that the sideways range continues. The EURUSD is caught within the major range of 1.1250 and 1.1140
