The EUR/USD reached two-week highs at 1.0947 and subsequently experienced a pullback, although it has remained comfortably above the 1.0900 level. The
overall bias continues to favor the upside, with support coming from the corrective movement of the US Dollar. Recent data releases from the US have exerted pressure on the Greenback, while inflation figures in the Eurozone suggest that additional tightening may be necessary from theThe annual inflation rate in Germany fell from 6.2% to 6.1% in August. Although the trend is downward, it remains elevated. In Spain, the annual rate rose from 2.3% to 2.
In the US, data released on Wednesday showed a smaller than expected increase in private payrolls, with 177,000 jobs added compared to the market consensus of 195,000. Q2 GDP was also revised lower. These factors contributed to the correction of the US Dollar. However, there is still more data to come before the end of the week. On Thursday, the Core PersonalPrice Index and Jobless Claims are due, followed by the Nonfarm Payrolls report on Friday.
Despite the reported data falling below expectations, the fundamentals of the US seem to be in better shape compared to those of the Eurozone, which could limit the upside potential in EUR/USD.The EUR/USD extended its rebound from the 200-day Simple Moving Average , rising for the third consecutive day. The pair has surpassed the 20-day SMA, which is currently turning flat, indicating a positive outlook for the Euro, that stands at the 100-day SMA.
A bearish correction could see a pullback to 1.0895 without significantly altering the bullish bias, which will hold as long as the price remains above the 20-SMA, currently near 1.0850.
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