EUR/USD saw moderate levels of volatility in the previous week, closing close to 1.1515.
Economic Calendar Analysis
Fundamental data may provide additional volatility in the market, however US treasury market might have bigger significance in the FX volatility during this week.
EUR/USD hourly chart analysis
EUR/USD is in a clear downtrend, making lower highs and lower lows while staying under a strong descending trendline that has capped price for much of the month.Momentum supports this bearish view, as the pair is trading below the SMAs, with enough distance between them to show that selling pressure remains strong. Price is currently holding near support at 1.1485. If it breaks below this level, the next likely target is around 1.1450. On the upside, any bounce is likely to face resistance near 1.1510 at the trendline, and then around 1.1527 at the 50 SMA.
Hourly Chart
EUR/USD daily chart's review
The daily chart for EUR/USD reveals a broader consolidation phase with an underlying bearish tilt following the sharp decline observed in early March. The price action is currently oscillating within a defined horizontal range, constrained by significant technical barriers above and established support floors below.The primary resistance is marked by a long-term descending trendline originating from the March highs.Key support is firmly established at 1.1485, a level that has been tested multiple times recently without a decisive breakdown. Should this floor fail to hold, the next structural objectives are located at the 1.1415 and 1.1400 horizontal levels, which represent multi-month lows. A breakout from this immediate range is likely required to dictate the medium-term direction for the remainder of April.
Daily chart
Read More: Technical Analysis
Traders are going long
The sentiment data for EUR/USD reveals a bullish positioning among retail traders, with 60.96% holding long positions compared to 39.04% holding short positions.