Forex Analysis by Fawad Razaqzada covering: EUR/USD. Read Fawad Razaqzada's latest article on Investing.com
managed to rebound a touch after starting the week on the back foot, following the drop on Friday when a weaker USThe EUR/USD’s downside could be limited from here on ahead of US CPI inflation data later on today and a rateA quiet start to this week’s economic calendar allowed the dollar to find some support against nearly major currencies except the yen, putting mild downward pressure on the EUR/USD.
With US CPI trending towards the Fed’s target, Powell has already signaled approval for a rate cut at the September 18 FOMC meeting. This CPI report will be the final significant data point before that meeting, guiding policymakers on whether to opt for a 50 basis point cut or stick with the usual 25.
So, unless we see a significant reversal pattern or a breakdown in the market structure of higher lows, neither of which has occurred yet, the EUR/USD is still arguably inside a larger bullish trend. Therefore, the technical outlook for EUR/USD is far from bearish.
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