EUR/USD Pulls Back Amidst Market Uncertainty
The EUR/USD pair has experienced a short-term pullback, with the Euro weakening against the US Dollar. The market's focus remains on the Federal Reserve's monetary policy outlook, with expectations of interest rate cuts in September increasing.
The Eurozone economy is facing uncertainty, with the ECB expected to cut interest rates to address inflationary pressures. However, the recent release of economic data has shown mixed signals, with stronger-than-expected PMI data offset by concerns about wage growth.
EUR/USD Technical Outlook
The EUR/USD pair has shown a bullish trend, with the 20-week EMA providing support. While the pair has experienced a short-term pullback, the overall upward momentum remains intact. A break above the 1.1200 level could signal further gains, with potential targets at 1.1275 and 1.1500.