Economic Calendar Analysis
Low levels of volatility may be anticipated this week, as no significant economic data is expected to be released.
EUR/USD hourly chart analysis
In the short term, the forex pair might test the 1.17100 resistance level if bullish momentum continues to drive the market. If buying pressure remains strong, the pair could challenge this key resistance and potentially break through it, leading to further upward movement. On the other hand, if bullish sentiment weakens and the market shows signs of reversal, the pair could shift direction and move toward the 1.11200 support level. This scenario suggests that a decline in prices could occur, with the market potentially testing lower levels before finding a floor or consolidating.Hourly Chart
EUR/USD daily chart's review
The resistance level at 1.1200 has been breached. This breakout suggests that the price could continue its upward trajectory in the near term, with the next significant target being 1.22000. Traders and analysts will likely be monitoring this level closely, as it could indicate continued strength in the market and potentially lead to further gains if buying pressure persists.Daily chart
Read More: Technical Analysis
Traders sentiment is bearish
Trader sentiment has seen slight changes in the FX pair, with increasing levels of bullishness. However, the majority of traders remain bearish.