EUR/USD rises above 1.0700 as Fed uncertainty weighs on dollar
EUR/USD has advanced 0.4% (45 pips) to 1.0720, marking its third consecutive day of gains as US dollar weakness persists amid Federal Reserve policy uncertainty. The Dollar Index has retreated 0.3% to 104.50, breaking below its 20-day moving average at 104.65. Market participants are reassessing Fed rate expectations following mixed economic signals, with implied probabilities for a September cut rising to 68% from 55% last week. The euro's strength is further supported by better-than-expected German business sentiment data, with the Ifo index climbing to 88.6 from 87.0. Technical indicators show EUR/USD breaking above the 1.0700 psychological resistance, with next targets at 1.0750 (June high) and 1.0780 (200-day MA). Support has formed at 1.0680, with momentum indicators suggesting further upside potential if US data continues to disappoint.
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