EUR/USD: Looking for another test of 1.0300

After registering modest gains on Monday, EUR/USD has stretched higher and climbed above 1.0200. Nevertheless, euro recovery remains limited ahead of Wednesday’s key data releases.

EUR/USD advances for the second session in a row and extends the optimism seen at the beginning of the week, as the greenback continues to give away its post-NFP gains on Tuesday.

The pair’s recovery, however, stays so far within the broader 1.0100-1.0300 consolidative range that has been in place since mid-July, always against the backdrop of recession talk on both sides of the Atlantic as well as speculations over the next steps regarding an interest rate hike by both the Fed and the ECB.

confirmation of the breach of 1.0275 50.0% Fibonacci retracement is a catalyst that enhances the chances of rising to visit 1.0300 and 1.0350, retracement of 61.80%, respectively.

On the other hand, As part of Russia’s attempts to reduce dependence on the US dollar and the single European currency to avoid the negative repercussions of Western sanctions following Russia’s invasion of Ukraine.

The Russian government and the Russian Central Bank have made many decisions to end the dollar’s dominance over Russian transactions and protect the national currency, most notably highlighting countries and companies paying for gas in rubles.