FX closed higher comparing to the previous week, closing above 1.17400.
Economic Calendar Analysis
Moderate levels of volatility may persist throughout the week.
EUR/USD hourly chart analysis
EUR/USD is in a strong uptrend on the 1-hour chart, trading well above the fanning 50, 100, and 200 SMAs. The pair is currently consolidating near 1.17400 following a sharp rally. The bias remains bullish targeting a breakout above 1.17500 towards 1.17700, provided price holds above the key support at 1.17100 and the 50 SMA.Hourly Chart
EUR/USD daily chart's review
EUR/USD has confirmed a bullish breakout by trading above the 50, 100, and 200 Simple Moving Averages. The price has decisively cleared the orange 100 SMA near 1.16426, converting this former resistance area into a critical support floor extending down to 1.16000. Recent price action is dominated by strong green candles which indicate a firm recovery from the November lows. The pair is now targeting immediate resistance at 1.18300 with major structural resistance higher at 1.19200. As long as the price holds above the 1.16000 to 1.16400 support zone, the technical outlook remains positive for further upside.Daily chart
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Traders are long
The sentiment data reinforces this upside bias, as 55% of retail traders are Short; this contrarian signal suggests the rally has room to run as these short sellers get squeezed out. The immediate target is 1.18300, and the probability of reaching it is high as long as price maintains the breakout above 1.16400.