EUR/USD Supported by Dovish Fed Expectations
Today, the EUR/USD pair strengthened, supported by the increasingly weak US dollar due to growing expectations of the Fed's monetary policy easing. This was driven by disappointing US employment data and growing political uncertainty regarding the Fed's independence, which has fueled speculation about a potential interest rate cut at its next meeting.
Global sentiment shifting toward riskier assets has also boosted the euro, although eurozone economic data has yet to show significant signs of improvement.
Technically, EUR/USD is trading in the 1.164–1.165 range, with moving average indicators and numerous technical signals indicating medium- to long-term bullish momentum. However, the daily and weekly timeframes still indicate bearish pressure, particularly after EUR/USD broke below key moving averages and faced strong resistance around 1.1200.
On the intraday side, the daily pivot point provides support in the 1.162–1.163 range and resistance in the 1.167–1.168 zone. The intraday bias remains neutral to bullish, providing crucial momentum should a breakout occur.
Source: Newsmaker.id
