Bullish Momentum, EUR/USD Holds Above 1.17
The euro strengthened against the US dollar to around $1.172 in trading on Wednesday (August 13), boosted by market expectations that the Federal Reserve will cut interest rates at its September meeting following more benign US inflation data. The probability of a cut, implied by the derivatives market, is now in the 90–94% range, weakening the dollar and boosting riskier pairs like EUR/USD. Recent movements show EUR/USD hovering around 1.171 with positive momentum, according to real-time Reuters quotes.
From Europe, the ECB held its benchmark interest rate on July 24 and assessed that domestic price pressures continued to ease, providing a stable foundation for the euro ahead of regional data releases. The next major event is the US PPI (July) tomorrow, August 14, at 8:30 a.m. ET (7:30 p.m. WIB)—two releases that could potentially sway the intraday direction of EUR/USD.
Technical summary: Above 1.1700, the bias remains neutral-bullish, with a test range of 1.1730–1.1800; failure to hold above 1.1650 opens a correction towards 1.1600. Traders typically await confirmation of a close above 1.1730 to validate continued upside.
Source: Newsmaker.id
