EUR/USD corrects to near 1.1150 in Wednesday’s European session.
EUR/USD comes under pressure as the Euro weakens on firm ECB rate cuts prospects. The Eurozone’s weak economic outlook supports ECB rate cut bets for September. The US Dollar regains ground with US core PCE inflation data under the spotlight. The major currency pair drops as the US Dollar regains ground after posting a fresh year-to-date low this week. The US Dollar Index , which tracks the Greenback’s value against six major currencies, edges higher to near 100.80 from fresh lows of 100.50.
The upward-sloping 20-week Exponential Moving Average near 1.0900supports more upside ahead. The 14-period Relative Strength Index oscillates in the bullish range of 60.00-80.00, suggesting a strong upside momentum. On the upside, the July 2023 high at 1.1275 and the January 2022 high of 1.1500 will be the next stops for the Euro bulls.The downside is expected to remain cushioned near the psychological support of 1.1000.
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