The EUR/USD pair is trading above 1.1150, supported by a weaker US Dollar (USD) and growing expectations for continued Fed rate cuts. The US Dollar Index (DXY) has declined, as the Federal Reserve (Fed) is expected to cut interest rates further by 75 basis points (bps) in the remaining two meetings this year.

Economic Data

The preliminary consumer confidence reading for the Eurozone is expected to improve slightly in September. In the US, investors will focus on the speech by Federal Reserve Bank of Philadelphia President Patrick Harker.

ECB Monetary Policy

The European Central Bank (ECB) is expected to maintain its current monetary policy stance, with a focus on data-driven decision-making. ECB officials have indicated that further rate cuts will depend on incoming economic data.

Technical Analysis

The EUR/USD pair has broken above the 20-day Exponential Moving Average (EMA), indicating a bullish trend. The 14-day Relative Strength Index (RSI) is above 60.00, suggesting strong bullish momentum.