EUR/USD closed lower, closing closer to 1.16250.
Economic Calendar Analysis
Volatility levels may rise considering market will be anticipating Fed's interest rate decision.
EUR/USD hourly chart analysis
EUR/USD price has been bouncing back up inside a clear upward-sloping tunnel. Right now, the price is stuck, hitting its head on a ceiling at 1.16400 that it can't seem to break. Below, it is sitting on a strong floor made of three important average lines, all clustered together between 1.16120 and 1.16190. While it's a good sign that the price is above this floor, the fact that the lines are all tangled together shows the market is very undecided. The price is currently squeezed between the 1.16400 ceiling and the 1.16120 floor, and we are waiting to see which way it will break. A break above the 1.16400 ceiling would likely mean it keeps going up, while a fall below the 1.16120 floor would likely mean it starts to fall again.Hourly Chart
EUR/USD daily chart's review
The support zone continues to hold as it has recently, it could serve as a springboard for another move up, targeting the 1.18300 resistance and potentially the top of the range at 1.19200. However, a decisive daily close below 1.16000 would be a significant bearish signal. This would break the consolidation range to the downside and open the door for a deeper correction, with the next major target likely being the 1.14000 support level.Daily chart
Read More: Technical Analysis
Traders are long
In contrast to the previous week, traders are displaying a more bullish stance, supported by improving market fundamentals and reduced risk aversion. The shift in sentiment suggests growing expectations of continued price appreciation in the near term.