EUR/USD Holds Support Ahead of Crucial ECB Rate Decision

The EUR/USD exchange rate has maintained its support level for two consecutive weeks following the August price correction from highs. The momentum of the weekly chart is attempting to stabilize in positive territory, reaching its strongest levels since May.

As the September opening range begins to take shape, the European Central Bank's rate decision and U.S. Consumer Price Index (CPI) headline next week's event risk. These events will reassess the relative policy outlook and could provide much-needed clarity heading into the September rate decision.

The EUR/USD is currently trading within a broader multi-month consolidation pattern, with neither bulls nor bears able to establish control. The larger technical picture remains finely balanced, leaving the Euro vulnerable to a larger directional move.