The EUR/USD dropped for the second consecutive day, falling below 1.0600 due to a stronger US Dollar. Attention now turns to the European Central Bank
The US Dollar gains momentum ahead of US data. The ECB is expected to keep interest rates unchanged on Thursday. The EUR/USD maintains its bearish bias, remains above the 20-DMA. meeting and US economic data. The German IFO Business Survey surprised to the upside, with the headline index at 86.9, surpassing expectations of 85.9. This marked the first increase since April. The Eurozone Central Bank reported a decrease in year-on-year private loans growth to 0.8% from 1% in August.
Additionally, Jobless Claims and Durable Goods Orders will be relevant. Robust data could further strengthen the US Dollar, while negative surprises could trigger a correction. EUR/USD short-term technical outlook The EUR/USD continued its decline for the second consecutive day, extending the retreat from monthly highs. The slide found support above the 20-day Simple Moving Average at 1.0560.
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