EUR/USD Breakout Hinges on US Employment Report and ECB Rate Decision

The EUR/USD pair's potential downtrend breakout is still uncertain due to mixed technical signals. The US employment report for August, set to be released on September 4, is likely to have a significant impact on the Federal Reserve's decision-making process in September.

A Reuters poll revealed that all 65 economists surveyed expect the European Central Bank (ECB) to raise its deposit rate by 25 basis points to 2.50% at its meeting on September 10, with around 91% anticipating the rate to remain at this level through the end of the year.

The EUR/USD price has been attempting to establish itself above a key trendline and the upper boundary of its market profile at 1.1610. However, the Relative Strength Index (RSI) + Moving Averages indicator shows mixed signals, with the oscillator moving above the neutral zone but the moving averages remaining red and close to their lower boundary.