Law of demand and supply is always on repeat

EUR/USD bounces back after slipping below the crucial support of 1.0800 in Thursday’s New York session. EUR/USD is in demand we still expect further increase .The major currency pair recovers as the US Dollar (USD) extends its correction after the revised Q1 real Gross Domestic Product (GDP) report showed that the United States (US) grew at a slower rate of 1.3% from advance estimates of 1.6%. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, falls to 104.70 after posting a fresh two-week high slightly above 105.00.

Earlier, investors were gung-ho for the US Dollar as they expected that the Federal Reserve (Fed) would not be leaning towards interest rate cuts anytime soon. Fed policymakers have made it clear that they want to see inflation slow for months to gain confidence that price pressures will sustainably return to the desired rate of 2%.