Hello everyone, let's dive into the EURUSD dynamics together!
The EUR/USD pair has extended its decline from the previous day's rejection at the Simple Moving Average (EMA) resistance around the 1.0865 area, facing selling pressure for the second consecutive day on Wednesday. Nonetheless, the spot price endeavors to stay above the 1.0800 mark during the Asian session, albeit susceptible to further slippage amid renewed US Dollar (USD) buying interest.
Furthermore, the Euro is burdened by increasing bets that the European Central Bank (ECB) will cut interest rates in June. In a less favorable scenario, a breach of the current support could direct EURUSD towards seeking new defensive ground at 1.070.