Economic Calendar Analysis
Volatility should be anticipated considering ISM manufacturing report will be released as well initial jobless claims data will be presented.
EUR/USD hourly chart analysis
In the short term, EUR/USD maintains a bullish outlook as it continues to trade above key simple moving averages, indicating strong upward momentum. A clear break above the 1.14750 resistance level could open the door for further gains, with the next target around 1.15750. However, if the pair drops below the moving averages, it may signal a shift in momentum. In that case, the price could retrace toward the support levels at 1.13100 and 1.12720, where buyers may look to step in or further downside could develop if those levels fail to hold.Hourly Chart
EUR/USD daily chart's review
The resistance level at 1.1200 has been breached. This breakout suggests that the price could continue its upward trajectory in the near term, with the next significant target being 1.22000. Traders and analysts will likely be monitoring this level closely, as it could indicate continued strength in the market and potentially lead to further gains if buying pressure persists.Daily chart
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Traders sentiment is bearish
Traders' sentiment remains bearish on the EUR/USD, reflecting cautious market outlook despite recent price stability. Persistent downside pressure suggests that rallies may be viewed as selling opportunities unless key resistance levels are broken.