EUR/USD corrects slightly from 1.1200, the highest level seen in more than a year, in Monday’s European session.
EUR/USD struggles to extend its upside above 1.1200 as the ECB is expected to cut interest rates again in September. Fed ’s Chairman Jerome Powell gives green signal to an interest-rate cut in September. Investors await the US core PCE inflation data for July and flash Eurozone HICP for August. Still, the broader outlook for the major currency pair is positive as the US Dollar remains on the backfoot as a Fed rate cut in September is fully priced in.
The reading failed to provide any significant impetus to the EUR/USD pair. Technical Analysis: EUR/USD delivers fresh swing high at 1.1200 EUR/USD posted a fresh swing high at 1.1200 on the weekly timeframe, suggesting a bullish reversal. The major currency pair strengthened after a breakout of the Symmetrical Triangle chart pattern. The upward-sloping 10-week Exponential Moving Average near 1.0940 warrants more upside ahead.
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