EUR/USD Breaks Resistance:A Bullish Rally Amidst Dollar Weakness

The EUR/USD pair has made significant gains, breaking above the key resistance level of 1.0850. This surge comes as the US Dollar struggles, while hopes for early rate cuts by the European Central Bank (ECB) diminish. The price action, as analyzed from our initial reference point, indicates a robust uptrend, with potential to surpass the next resistance at 1.0866 and target 1.0900.

However, recent data from the Institute for Supply Management (ISM) paints a mixed picture for the US economy. The Manufacturing Purchasing Managers' Index (PMI) fell short of expectations, coming in at 47.8, signaling a contraction in the manufacturing sector. Additionally, the decline in the fresh factory orders index suggests a stall in the sector's recovery.

Looking ahead, market focus will shift to Federal Reserve Chair Jerome Powell's testimony before Congress. Powell is anticipated to emphasize the importance of concrete evidence supporting the trajectory of inflation towards the Fed's 2% target.

In light of these developments, we maintain a bullish outlook on the EUR/USD pair, having adjusted our stop-loss above the initial entry point to secure a small profit for now...

Our Entry point was:

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