EUR/USD - EURUSD extends uptrend due to dollar weakness - 09/17/2024 (GMT)

<Fundamental>The ECB took decisive action last week by cutting its benchmark interest rate by 25bp in response to the visible slowdown in inflation. The ECB emphasized that price indicators are slowing as expected, with the inflation rate forecast for this year at 2.5% and 2.2% for next year. Additionally, the ECB cautioned that European economic activity is sluggish, and private consumption and investment remain weak.
<Technical>
EURUSD advanced to the 1.1140 level after breaching the descending channel’s upper bound as the dollar’s weakness intensified. EMA21 is widening the gap after golden-crossing EMA78, indicating an apparent bullish signal. If EURUSD holds above EMA21, the price could gain upward momentum toward the 1.1200 resistance. Conversely, if EURUSD fails to keep the 1.1100 support, where EMA21 intersects, the price could fall further to 1.1050.