EUR/USD - Overview from August 28, 2024

The dollar has stabilized after a recent decline, which brought it to its weakest level of the year. Traders are anticipating the release of economic data, which could set the direction for the upcoming meeting of the U.S. Federal Reserve.

The EUR/USD pair has started to decline — one of the scenarios we previously described. However, it is too early to discuss a full-fledged trend reversal. The 1.1100-1.1130 zone is acting as local support. For the downward movement to develop, it is not enough for the price to just overcome the 1.1100 level; it must also firmly establish itself below it.

To make sound trading decisions, it will be necessary to assess the upcoming dynamics at the levels reached by the price.