The EUR/USD pair keeps reaching fresh 2024 highs, approaching the 1.1100 mark during European trading hours.
EUR/USD Current price: 1.1083 The persistent upbeat mood maintains the US Dollar under strong selling pressure. Financial markets welcome stable macroeconomic data and an upcoming rate cut. EUR/USD is technically overbought but can reach higher highs in the near term. An upbeat mood and the market’s conviction that the Fed eral Reserve will pull the trigger in September put pressure on the US Dollar.
The American session will bring no United States data, although some Fed members will be on the wires. Should they pave the way for a September interest rate cut, the most likely outcome is additional USD weakness. EUR/USD short-term technical outlook From a technical point of view, EUR/USD bullish route seems poise to continue.
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