Fundamental analysis of EUR/USD

EUR/USD is recovering from Tuesday's decline and is trading at 1.06950.
There was a sense of ambiguity due to the hawkish comments of the European Central Bank, which led to speculation about the ECB's monetary policy. Some investors concluded from the ECB press conference that the period of interest rate hikes may soon be over. August data on German producer prices, which rose 0.3% vs. 0.2% expected after a 1.1% decline in July, was a factor in the current upward momentum. During periods of low demand, manufacturers tend to cut prices to gain new markets. 
Key speeches by ECB board members such as Fabio Panetta, Isabel Schnabel, Elizabeth McCaul, Andrea Enria and Frank Elderson could have a significant impact on EUR/USD dynamics. Any hawkish sentiment could increase expectations of further ECB interest rate hikes to fight inflation, which could put pressure on the labor market and wage growth. A slowdown in wage growth could lead to a contraction in consumer spending, further reducing demand inflation. Finally, national data show that new car registrations in the European Union rose 21.0% year-on-year in August, while producer prices in Germany rose 0.3% year-on-year in the same month and fell 12.6% year-on-year. 
The US Federal Reserve is expected to announce its interest rate decision as well as its economic outlook. The general consensus is that the Fed will maintain its current stance, especially as the US economy shows strength. However, any positive revisions to indicators such as GDP, unemployment and inflation could raise expectations of an interest rate hike in November. This could also reduce the likelihood of an interest rate cut in 2024. On the other hand, the Eurozone is at risk of recession, which could force the ECB to cut interest rates earlier to stimulate economic recovery. 
Technical analysis and scenarios:

EUR/USD is currently trading at 1.06950, just below the 1.07120 resistance level and close to the upper Bollinger Bands (1.07040). As the Stochastic values indicate that the currency pair is not in the oversold area, and the MACD is just below the zero line but showing a bullish crossover (as the value is above its signal), there is a possibility of an upward movement in the near term.
Main scenario (BUY)
Recommended entry level: 1.07120.
Take Profit: 1.07630.
Stop Loss: 1.06850. 
Alternative scenario (SELL)
Recommended entry level: 1.06200.
Take profit: 1.05700.
Stop loss: 1.06400.