EUR/USD Grinds Higher as September Opening Range Takes Shape

The EUR/USD currency pair has defended its pivotal support level for two consecutive weeks following a pullback from August highs.

Weekly momentum is attempting to stabilize in positive territory after reaching its strongest levels since May.

The September opening range is beginning to take shape as price remains caught within a broader multi-month consolidation. The European Central Bank rate decision and U.S. CPI/PPI headline next week's event risk as markets reassess the relative policy outlook.

A close above 1.1775 would be needed to fuel the next major leg of the rally, while losses would need to be limited to 1.1472 if the Euro is heading higher on this stretch.