EUR/USD Edges Up as Dollar Weakens Ahead of Key Data
The EUR/USD pair saw a modest gain in early trading on Wednesday, as the US dollar softened ahead of key economic reports. The pair touched an overnight low of 1.1329 before buyers emerged and turned it positive. In European morning trade, it reached 1.1364, while the New York session opened near 1.1355, up 0.12% from the previous day.
The dollar's weakness was attributed to lower US yields, which helped drive the pair upward. However, gains in oil prices and drops in gold and silver may have limited the upside for EUR/USD. The daily Relative Strength Index (RSI) turned up but remains within Tuesday's range, suggesting consolidation.
Bearish technical signs include holding below the 10-day moving average (DMA), a widening monthly RSI, and expanding Bollinger bands. Today, traders will focus on key data risks in the New York morning session, including the September ADP report and August PCE figures.