Usman Salis
The EUR/USD pair has shown resilience in recent trading sessions, bouncing back from a critical support level and reigniting debate about its near-term direction. As we enter September, forex traders are positioning themselves for what could be a pivotal month for the euro-dollar exchange rate, with several key economic events on the horizon that may determine the pair's trajectory for the remainder of the quarter.
EUR/USD Bulls Eye September Momentum
EUR/USD hit a low of 1.1650 on August 29 before staging an impressive comeback, climbing to 1.1737 and then settling back slightly. This quick recovery shows that buyers are still in the game, pushing the pair back above the important 1.1700 level.
Trader @joker_szn pointed out this setup, mentioning he's "still holding some size on other accounts" while waiting for September to shake things up for the euro-dollar. His cautious but optimistic view seems to match what many forex traders are feeling right now.
Support to watch: 1.1650 – the level that sparked the recent bounce
Current price: 1.1714 – where the pair is consolidating
Resistance ahead: 1.1737 – the recent high to beat
Bullish target: 1.1760–1.1780 if buyers break through
Bearish risk: Below 1.1650 could open the door to 1.1600
The 1.1650 support level is crucial here. If it fails to hold, we could see sentiment flip back to the bears pretty quickly.
EUR/USD Outlook Heading Into September
September is shaping up to be a big month for EUR/USD. Traders are keeping a close eye on US inflation numbers, jobs data, and what the European Central Bank has to say. Any of these could create some serious moves in the pair.
Right now, EUR/USD looks bullish as long as it stays above 1.1650, but the bulls need to get back above 1.1737 to really confirm more upside. Everyone's getting ready for what could be a busy month that sets the stage for the final quarter in forex markets.
Usman Salis
