Another solid weekly performance saw EUR/USD clinch its fourth consecutive week of gains, including a new 2024 peak in the 1.1180–1.1185 band.
Rising bets for a rate cut by the Fed in September weighed on the US Dollar. Powell paved the way for an interest rate cut in September. EUR/USD reached a new 2024 high near 1.1200 and retargets 1.1275. The strong move higher in the pair came in response to the heightened downward bias hitting the US Dollar .
1063, which bodes well for the continuation of the ongoing bullish trend for the time being. On the daily chart, technical indicators remain in the overbought region, while the momentum indicates that the current upside bias remains strong. Both the provisional 55-day and 100-day SMAs continue to point northward at 1.0857 and 1.0820, respectively. Spot, in the meantime, maintains its business above the critical 200-day SMA at 1.
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