EUR/USD hovers near 1.1130 in Wednesday’s European session, the highest level seen this year.
EUR/USD exhibits strength near 1.1130 ahead of the FOMC minutes of its monetary policy meeting in July. The Fed kept interest rates steady for the eighth time in a row in July, but Jerome Powell acknowledged discussions over cuts. The ECB is expected to resume its policy-easing cycle in September. The major currency pair aims to revisit 2024 highs of 1.1140 as the US Dollar remains under pressure amid growing optimism over Fed eral Reserve interest rate cuts in September.
Technical Analysis: EUR/USD aims to recapture year-to-date high of 1.1140 EUR/USD approaches a year-to-date high of 1.1140 ahead of the release of the FOMC minutes. The major currency pair strengthened after a breakout of a channel formation on the daily time frame. Upward-sloping 20-day and 50-day Exponential Moving Averages near 1.0970 and 1.0900, respectively, suggest that the broad trend is bullish. The 14-day Relative Strength Index oscillates in the bullish range of 60.00-80.
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