EUR/USD - Overview from August 26, 2024

Against the background of Friday's speech by the US Federal Reserve Chairman Powell, the weakening of the dollar allowed the EUR/USD pair to form an upward momentum and update the local maximum, reached earlier. However, the price is now under the resistance area located above the 1.1200 mark, and as the volatility of the past week was not enough for a significant resistance breakout attempt, the most likely scenarios are either a decline in quotes or the price remaining within the sideways range with a subsequent attempt to test the described area.