FX pair recovered towards 1.15670 level, amid low volatility levels.
Economic Calendar Analysis
While the Federal Reserve's interest rate decision is a high-impact event, the market broadly expects rates to remain on hold, suggesting that this outcome is largely priced in. As a result, the Federal Reserve Chair's forward guidance could prove to be the more significant catalyst for FX market volatility.
EUR/USD hourly chart analysis
EUR/USD is displaying a structurally bullish undertone. After entering a multi-day consolidation phase between the immediate support at 1.15595 and resistance at 1.16100, the price has recently mounted a sharp intraday recovery to trade at 1.16006. The immediate market bias now depends on how price handles the 1.16100 pivot zone; a sustained hourly close above this level shifts targets toward the major resistance at 1.16470, while a definitive rejection will likely force a rotation back down toward the 1.15595 structural floor.Hourly Chart
Daily chart's review
On the Daily timeframe EUR/USD pair is currently in a corrective recovery phase within a broader downtrend, as confirmed by the downward-sloping 30-period Simple Moving Average acting as dynamic resistance above the current price of 1.16009. Having recently completed a liquidity sweep near the 1.15185 swing low, the market is now testing a critical horizontal pivot at 1.16100; a successful break above this level and the nearby moving average would suggest a potential shift in market structure toward a bullish trendDaily chart
Read More: Technical Analysis
Traders are long
The sentiment data for EUR/USD reveals a continuation towards bullishness.