At the moment, the EUR/USD pair is showing mixed dynamics. The European currency was supported by positive data on the eurozone economy, while the US dollar weakened due to expectations of interest rate cuts by the Federal Reserve.
1. The Fed's monetary policy: Expectations of lower interest rates in the United States against the background of moderate inflation data are putting pressure on the dollar.
2. Eurozone economic data: Positive data on the eurozone economy supports the euro. Especially important are the data on GDP and the unemployment rate, which indicate stable growth and a decrease in the unemployment rate in the region.
The EUR/USD pair is trading almost in the middle of the range between the $1.07 and $1.09 level zones. In this situation, especially before the publication of inflation data in the United States, it may be rash to make forecasts about the direction of movement.
Today, traders should closely monitor economic reports and statements by representatives of the Fed, which may have a significant impact on the further movement of the pair.