EUR/USD still edging cautiously higher

Yesterday the EUR/USD managed to grind its way above the noted technical level, in place at 1.1124. The Euro lifted to a high at 1.1137 right as the US stock markets reopened. The Euro later closed in the US at 1.1133. The range seen so far this morning has been set at 1.1122 to 1.1133 and that is extremely tight, even by recent standards. As noted here yesterday, the next topside resistance level remains in place at 1.1155 and thereafter we have the current 2024 high, at 1.1202. As to where this ends the week on Friday surely rests with what the Fed has to deliver tomorrow evening. Increasingly the markets have gotten carried away with the notion the Fed will lower rates by 0.50% on Wednesday, but the reality might not be the case. Depending on what emerges here this week we could be looking at the prospect of a defining break either side of 1.10, or 1.12 and meantime the Euro is mirroring the current outlook shift in favour of a greater cut. The EUR/USD is currently trading at 1.1130