The dollar weakened as economic concerns in the U.S. intensified, leading EUR/USD to rise above its 200-day moving average. A significant drop in the University of Michigan survey highlighted deteriorating household outlooks, exacerbated by fears of trade tensions impacting growth. In technical analysis, EUR/USD is testing the moving average, with a favorable risk/reward for buyers; a rebound could target last year's high at $1.12, while a pullback below $1.07 may lead to a correction towards $1.05.