EUR/USD: Dollar remains in the spotlight ready to challenge 1.1500 level

The single European currency remains under mild pressures for the fourth consecutive day with 1,15  level being the next challenge.

As bets on the Fed's rate cut path appear to be changing, the US currency continues to benefit from the new scenarios, having now moved almost 400 basis points away from the highs of 1.1920 a few weeks earlier.

The scenarios regarding the reduction of interest rates do not seem to  have significant differences from several weeks earlier, but the different perspective of the chairman Jerome Powell regarding the future has significantly affected the course of the pair  in recent days.

There is no significant news from the European Central Bank, as President Christine Lagarde continues the same rhetoric, confirming at each meeting that decisions are made from meeting to meeting and are completely dependent on macroeconomic data.

At the same time, several voices continue to argue that a strong euro will endanger the struggling economy of the European Union, and for many economists, it will be a scenario that will put the European Central Bank in a dilemma.

Several large investment houses that had a clear position in favor of the euro and exchange rate levels close to 1.25 now maintain a more conservative position.

On today's agenda, there are highlights regarding the course of the manufacturing sector in the United States, something that  analysts always follow with interest.

I remind my thoughts as they were reflected in previous articles in which I had maintained significant doubts about the ability of the European currency to continue its strong upward trend, giving increased chances to a good correction scenario, which has already occurred.

It is quite possible that there is further room for gains for the US dollar, so I would prefer to remain in a wait-and-see position and consider the possibility of buying the euro much lower.