The Euro (EUR) snakes along in the mid 1.09s against its biggest counterpart, the US Dollar (USD), during the early European session on Friday. With the banking crisis now seemingly in the rear-view mirror the focus is back on the fight with inflation, and both currencies are benefiting from expectations of higher interest rates. More broadly, the EUR/USD pair appears to be undergoing a correction after making new year-to-date highs of 1.1075 on April 14.
From a technical perspective, the Euro-Dollar pair is in a medium-term uptrend which is expected to continue once the correction has finished. Scoping in, the steadily diminishing volatility on intraday charts is tracing out a triangle pattern, which suggests there will be a breakout move on the horizon.
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