EUR/USD saw slight drawdown in the price, closing below 1.17200.
Economic Calendar Analysis
Moderate levels of volatility may persist throughout the week, taking in consideration fundamental data releases this week.
EUR/USD hourly chart analysis
EUR/USD hourly chart shows a bearish trend as price action remains below the 50, 100, and 200-period moving averages, which are currently fanning out in a downward direction. After breaking through previous support at 1.1710, the pair has dropped to a critical psychological floor at 1.1680. The current position of the price beneath all major indicators suggests that sellers are in control, and unless there is a significant break back above the 50-period SMA near 1.1728, the momentum is likely to continue lower toward 1.1650.Hourly Chart
EUR/USD daily chart's review
EUR/USD trades near 1.1680, pulling back within a broader uptrend. Price is testing a key support zone at 1.1640–1.1660, near the 50-day moving average. Holding above this area would keep the bullish outlook intact and open the way toward 1.1830. Momentum has turned slightly bearish after failure near 1.1800. A daily close below support could lead to 1.1550, then 1.1485, near the 200-day average. Bulls need a break above 1.1788 to regain control.Daily chart
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Traders are indecisive
The EUR/USD sentiment shows a slight majority of traders are short, with 54.28% short positions compared to 45.72% long. This indicates a modest bearish bias in the market, but not an overwhelming consensus. The difference suggests cautious positioning, likely reflecting uncertainty as the pair tests key support levels.