business π Euro eyeing 1.16 test amid Fed uncertainty π§
The EUR/USD pair is showing positive momentum as it presses towards the significant 1.16 level. This is happening because recent US economic data suggests the Federal Reserve might not raise rates as much as previously thought. Technically, the pair broke above the 200-day EMA, but the macro backdrop remains unsettled. The market needs clearer US economic numbers and bond market signals to confirm a breakout. If the euro fails to pass 1.16, it could rotate back within its larger trading range.