EUR/USD Forecast: Euro looking at 1.0700 before key data

The EUr/USD jumped on Monday, driven by a weaker US Dollar. The pair broke a downtrend line and climbed 1.0676, the highest level in a month. The outl

The US Dollar drops sharply as Treasury yields reverse to the downside. The EUR/USD broke a downtrend line, indicating potential for further gains. Some consolidation over the next hours appears likely. The EUr/USD jumpedon Monday, driven by a weaker US Dollar. The pair broke a downtrend line and climbed 1.0676, the highest level in a month. The outlook for the Euro remains favorable ahead of the Asian session, although some consolidation could occur following the 100-pip rally.

The European Central Bank will hold its monetary policy meeting on Thursday, along with important US economic indicators such as GDP and the Federal Reserve's preferred inflation gauge. EUR/USD short-term technical outlook The EUR/USD accelerated to the upside on Monday, breaking above 1.0640. It continues to move further away from the 20-day Simple Moving Average , which is turning upwards.

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