EURUSD trades 0.73% higher at 1.1110 as investors increase bets that the Federal Reserve will proceed with an interest rate cut in the upcoming policy meeting. Euro is also getting better manufacturing PMI’s from Germany and from the European Monetary Union.
EURUSD’s technical outlook is positive now as the pair today breached above the 200-day moving average. A credible close today above the 200-day moving average will give bulls the upper hand for the short term.
On the technical side, immediate resistance for the EURUSD pair will be met at 1.1224, the yearly high. On the other side, the first support is at 1.1035 today’s low and then at 1.10.