EUR/USD at Technical Crossroads Amid September Event Risks

The EUR/USD exchange rate has maintained its support levels for two consecutive weeks after retreating from August highs. The weekly momentum is attempting to stabilize in positive territory, reaching its strongest levels since May.

As September approaches, the price remains within a broader multi-month consolidation pattern. Major event risks are on tap next week, including the ECB rate decision and U.S. CPI/PPI headlines. This could provide much-needed clarity ahead of the September rate decision.

The larger technical picture for EUR/USD is finely balanced, with neither bulls nor bears establishing control, leaving the Euro vulnerable to a larger directional move.