FX pair saw medium levels of volatility, closing higher than previous week, close to 1.16511.
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EUR/USD hourly chart analysis
EUR/USD is in a short-term uptrend but is currently pulling back to test a key support level. The price is now bouncing off the critical support zone around 1.1650, which is also where the 50-period moving average is. This bounce is a bullish sign, and if this 1.1650 support holds, expect a rally to retest the recent high at 1.1730.Hourly Chart
EUR/USD daily chart's review
EUR/USD remains in a long-term upt rend but has been trapped in a wide, multi-month consolidation range between roughly 1.1600 and 1.1830. After a recent sharp sell-off from the 1.1830 range top, the decline was perfectly stopped at a critical support confluence formed by the 1.1600 horizontal level and the rising 100-day SMA. The price has since bounced and is now facing its first major test at the 50-day SMA, which is acting as immediate overhead resistance. The reaction here is key: a decisive break above the 50-day SMA would be a strong bullish signal, opening the path for a retest of the major range resistance at 1.1830.Daily chart
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Traders sentiment is mixed
Continuing previous week market sentiment is currently mixed, with 50.37% of traders feeling bullish, meaning they expect prices to rise, while the remaining 49.63% are bearish, anticipating a price decline. This nearly even split indicates uncertainty and a lack of clear consensus among investors about the future direction of the market.