The Euro currency strengthened to an 8-month high against the US dollar or the highest for the year 2024 following the ongoing depreciation of the US dollar.
In the absence of focal economic data at the beginning of the week, the movement of the US dollar remains driven by the expectation of interest rate cuts by the Federal Reserve (Fed) for this September meeting.
In addition to awaiting the latest guidance from Fed Chairman Jerome Powell at the Jackson Hole symposium later this week, investors will also be cautiously awaiting the FOMC meeting minutes report that will be published early Thursday morning.
Until Tuesday yesterday, it can be observed on the chart of the EUR/USD currency pair, the price maintained an upward pattern.
The price increase that continued on Tuesday yesterday has managed to break through the resistance level of 1.11000 before recording the latest high around 1.11300 when trading resumed at the beginning of the Asian session this morning (Wednesday).
Price movement that remains above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart suggests a bullish trend to continue.
If there is no change in the current market situation, the price is likely to continue rising higher with a target heading towards 1.12000.
On the other hand, if it declines again below the 1.11000 level, it will be an early signal for investors to be careful with the possibility of a change in trend.
After the clear decline shown, the price will approach the previous concentration level at 1.10000.
