The Euro (EUR) continues trading in the mid 1.09s versus the US Dollar (USD) during the early European session on Thursday.
More broadly, the pair has pulled back from the recent April 14 highs of 1.1075 as the US Dollar recovers on bets the Federal Reserve (Fed) will continue raising interest rates.
From a technical perspective, the Euro-Dollar pair is in a medium-term uptrend which is biased to extend. Scoping in, price action appears to be coiling to a point, and the diminishing volatility could be the precursor for a breakout move on the horizon.
EUR/USD has been rising in a medium-term uptrend since reversing at the September 2022 lows, and this established trend is likely to continue.
After a pullback in February 2023, EUR/USD recouped its losses during March and made new year-to-date highs above 1.1000 on April 13.