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EUR/USD remains stable at around 1.0483 as markets digest the implications of the latest FOMC minutes. The Federal Reserve signalled a potential pause in rate cuts if inflation reaccelerates but also indicated readiness to continue easing if economic indicators weaken.Today promises heightened activity for EUR/USD due to a slew of US economic data releases. It is a significant day as the US will release its initial Q3 GDP estimate. After recording a 2.8% growth in Q2, market participants are keen to see if this momentum carried into the third quarter. Expectations suggest a robust period, potentially boosting the US dollar if the data exceeds forecasts.Additionally, the US will unveil October’s figures for personal income and expenses, durable goods orders, and the core PCE price index. These data points could significantly influence the dollar’s trajectory, adding to today’s trading volatility.Technical analysis of EUR/USD 
H4 chart: The EUR/USD appears to be challenging the upper boundary of its recent downward trend. Current technical analysis suggest a potential upward move towards 1.0580. After reaching this level, a corrective pullback to 1.0460 may occur before another upward wave targets 1.0700. This bullish EUR/USD forecast is supported by the MACD, which shows a positive divergence as it approaches the zero line from below. 
H1 chart: The shorter-term H1 chart indicates that EUR/USD is on an upward trajectory towards 1.0580, with the currency consolidating above 1.0460. A breakout above this consolidation could validate the move towards 1.0580. Subsequently, a retracement to 1.0460 may set the stage for further advances. The Stochastic oscillator signals potential upward momentum, suggesting an increase in buying pressure.More By This Author:NZD/USD Hits Yearly Low Amid US Dollar Strength
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