With inflation in the US coming in lower than expected and expectations reaching 75% for the Fed to cut interest rates in September, the downtrend in the currency pair was seen to have been broken, with upward momentum emerging.
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After steadily climbing within an upward channel for about a month, the EUR/USD pair experienced a brief downturn yesterday due to unexpectedly high PPI data, which raised concerns about prolonged high interest rates.
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While the market remains focused on economic data from the US that will provide significant clues about the Fed's interest rate cut trajectory, the short-term upward channel movement in the EUR/USD pair continues.
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The EUR/USD pair, which ended the past week on a flat note, saw its upward momentum in the fourth week somewhat tempered by cautious remarks from Fed members regarding interest rate cuts.
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Despite expectations for an interest rate cut at the ECB's June meeting, the euro gained momentum against the dollar due to the Federal Reserve's dovish remarks and the unexpectedly high unemployment data signaling economic cooling.
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With the statements from Fed members, market participants are expecting today and Friday's data releases to gather clues about the timing of the Fed's interest rate cuts.
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Following the slightly more hawkish remarks from the Fed compared to last week's dovish statements, which led to a strengthening dollar, the currency pair experienced a retreat.
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The currency pair experienced a rally of approximately 150 pips, but momentum has since diminished, indicating the beginning of a short-term consolidation movement.
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After breaking the resistance at 1.0770 last Friday, the EUR/USD pair rallied up to the range of 1.0800-1.0810, which is supported by the 200-day moving average and the 0.38 correction level.
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