EUR/USD Holds Line as September Battle Takes Shape
The EUR/USD pair has defended its support level for two consecutive weeks after pulling back from August highs, according to FOREX.com's analysis. This stability in momentum is a positive sign for the euro, as it attempts to stabilize in positive territory after reaching its strongest levels since May.
Looking ahead to September, the European Central Bank (ECB) rate decision and U.S. Consumer Price Index (CPI) on tap next week will provide significant event risk that could impact the pair's movement. The analysis notes that the 200-day moving average is converging with the 52-week moving average at 1.1632/33, a key resistance level.
Key weekly support remains unchanged at 1.1355/69, and a break below this zone could lead to a deeper correction towards the 61.8% retracement at 1.1472. Conversely, a close above 1.1775 would fuel the next major leg of the rally.