For now, the pair is in a consolidation phase, waiting for clearer direction from economic data or market catalysts.

Euro Faces Pressure Amid ECB Decision

The Euro (EUR) faces renewed pressure following the European Central Bank’s (ECB) decision to maintain its Main Refinancing Rate at 3.65%, as widely expected. However, the French Final CPI released earlier showed a slight miss, reinforcing concerns over inflation dynamics.

Meanwhile, industrial production data, due later today, is expected to decline by -0.6%, further weighing on economic sentiment.

Traders will also focus on the ECOFIN and Eurogroup meetings for policy insights. The outlook for the Euro remains uncertain, with any surprises in the upcoming data or statements likely to impact the currency’s short-term trajectory.

EUR/USD Technical Forecast

The EUR/USD is trading at $1.10775, up 0.11%, but facing resistance near $1.10910, a crucial pivot point. If the pair breaks above this level, we could see more bullish momentum toward the next resistance at $1.11201 and beyond.