Economic Calendar Analysis
Moderate volatility could be expected if upcoming economic data releases significantly impact the near-term outlook for the FX pair.
On Wednesday, U.S. consumer price data will be released to the market.
EUR/USD hourly chart analysis
Bullishness in the FX pair may continue, considering that the 50-period, 100-period, and 200-period simple moving averages are all below the current price. Further bullish price discovery could push the FX pair toward the 1.10000 resistance level.Hourly Chart
EUR/USD daily chart's review
The resistance level at 1.06100 has been breached, signaling a potential shift in market sentiment toward further bullish momentum. This breakout suggests that the price could continue its upward trajectory in the near term, with the next significant target being 1.12000. Traders and analysts will likely be monitoring this level closely, as it could indicate continued strength in the market, potentially leading to further gains if buying pressure persists. If 1.12000 is reached.Daily chart
Read More: Technical Analysis
Traders sentiment is bearish
A significant change in sentiment has occurred, with notable bearishness, as less than 30% of trades are on the long side.