EURUSD: Buyers did a good job holding the price
Updated
EUR/USD found new momentum during the pullback caused by greenback data, recovering to the 1.1100 level amid expectations that the Fed may cut interest rates by 50 basis points in September.
The pair has dropped back to short-term technical barriers, but bidders continue to emerge to keep bids balanced even though they have not been able to execute a bullish recovery. EUR/USD reached a 13-month high just above 1.1200 earlier last week, and the short-term pullback in Greenback flows has caused bids to struggle to maintain a bullish chart, as evidenced by the 34 EMA not reversing.
The pair has dropped back to short-term technical barriers, but bidders continue to emerge to keep bids balanced even though they have not been able to execute a bullish recovery. EUR/USD reached a 13-month high just above 1.1200 earlier last week, and the short-term pullback in Greenback flows has caused bids to struggle to maintain a bullish chart, as evidenced by the 34 EMA not reversing.
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