EUR/USD eyes breakout above 1.0900 on weakening US data outlook
EUR/USD is positioned for a potential breakout from its recent 1.0850-1.0900 trading range, with technical indicators suggesting upward momentum if US economic data continues to disappoint. The pair has consolidated near 1.0875 during early European trading, finding support from expectations of softer US economic indicators that could pressure the dollar. Recent US data releases have shown mixed signals, with manufacturing PMI remaining in contraction territory and consumer confidence wavering. Analysts highlight that a sustained break above the 1.0900 psychological resistance could open the path toward 1.0950, the next major technical level. Key support remains at 1.0850, coinciding with the 20-day moving average. The upcoming US employment and inflation reports will be crucial in determining whether the euro can maintain its recent strength against the greenback.
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