EUR/USD gathered bullish momentum in the early American session on Tuesday and climbed above 1.0800.
EUR/USD climbed to a fresh multi-week high above 1.0800. The US Dollar could stay under pressure on a soft inflation report. The near-term technical outlook points to overbought conditions. The pair extended its uptrend and touched its highest level since April 10 on Wednesday. Although the near-term technical outlook points to overbought conditions for the pair, buyers could retain control in case inflation data from the US come in below expectations.
2% or lower could cause the USD selloff to pick up steam. According to the CME FedWatch Tool, investors are currently pricing in a nearly 35% probability that the Fed will leave the policy rate unchanged in September. This market positioning suggests that the USD is facing a two-way risk ahead of the data release. EUR/USD Technical Analysis EUR/USD holds comfortably above 1.0790-1.0800, where the 50-day and the 200-day Simple Moving Averages align.
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