EUR/USD experienced some volatility and closed near 1.17180 price level.
Economic Calendar Analysis
Fundamental data release impact may be considered low towards EUR/USD this week.
EUR/USD hourly chart analysis
On the 1-hour timeframe, EUR/USD is showing a short-term bullish recovery after bouncing from the 1.16780 low, forming higher lows and breaking out of a recent consolidation range. Price has moved above the 50 SMA, which is turning upward, and is now testing the 100 SMA while approaching the key 200 SMA, a major resistance zone that will likely determine the next directional move. Momentum is supported by strong bullish candles, indicating active buying pressure, but the broader context still leans cautious as long as price remains below the 200 SMA. If the pair manages a clean break and hold above the 1.17500–1.17900 area, it could extend toward 1.18150 and signal a stronger trend reversal, while rejection at the 200 SMA would likely trigger a pullback toward 1.17100, with a deeper move potentially revisiting the 1.16780 lows; overall, the setup favors a bullish bias in the short term, contingent on a confirmed breakout above key resistance.Hourly Chart
EUR/USD daily chart's review
EUR/USD daily chart exhibits a clear period of consolidation as the price action remains confined within a horizontal range between the major support at 1.1600 and primary resistance at 1.1920. The convergence of the 50-day, 100-day, and 200-day Simple Moving Averages near the 1.1700 level underscores a neutral market sentiment and a lack of decisive trend direction, effectively acting as a pivot zone where the "coiled" averages suggest an impending volatility expansion. While recent price action shows a series of higher lows since late March, suggesting a gradual accumulation of buying pressure, the pair must achieve a sustained daily close above the 1.1830 minor resistance to challenge the range ceiling; conversely, a breakdown below the 1.1600 floor would signal a bearish shift toward the 1.1400 psychological level.Daily chart
Read More: Technical Analysis
Traders are mixed
For EUR/USD on the 1H timeframe, the sentiment data shows a slight majority of traders are short (around 54% short vs 45% long), which from a contrarian standpoint supports a short-term bullish bias. This aligns with the current technical structure, where price has already broken above the 50 SMA and is holding around the 100 SMA while pushing toward the key 200 SMA resistance.