EUR/USD Holds Near 1.1200 Amidst Market Uncertainty

The EUR/USD pair has consolidated near the 1.1200 level, with the Euro struggling to gain further ground against the US Dollar. While the Euro has benefited from a weaker US Dollar and expectations for ECB interest rate cuts, the recent economic data from the Eurozone has shown mixed signals.

The US Dollar has been supported by stronger-than-expected US economic data, including Durable Goods Orders. However, the market remains focused on the Federal Reserve’s monetary policy outlook, with expectations for interest rate cuts in September.

EUR/USD Technical Outlook

The EUR/USD pair has shown a bullish trend, with the 20-week EMA providing support. The RSI indicates a strong upside momentum, but the pair is approaching overbought levels. A break above the 1.1200 level could signal further gains, with the 1.1275 level acting as a potential resistance.

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