Economic Calendar Analysis
Increased volatility can be expected this week due to upcoming U.S. fundamental news releases, particularly related to Gross Domestic Product (GDP) and jobless claims.
EUR/USD hourly chart analysis
Continuing previous weeks trend FX pair appears to be trading with a bearish directional bias in the short term, as evidenced by its position below key simple moving averages. The failure to reclaim levels above these moving averages may further validate the prevailing downside pressure. Technical support levels at 1.10700 and 1.10000 are likely to be tested, especially if selling pressure persists and the pair continues to post lower highs and lower lows. The 1.10700 level may act as an initial support zone, possibly offering a short-term pause or consolidation. However, a sustained break below this area could open the path for a deeper move toward the 1.10000 level.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
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Traders sentiment is bearish
Despite the recent bullish reversal and the pair closing above 1.13500, the overall market sentiment could still be considered cautiously bearish. This perspective is supported by the broader trend structure, where previous lower highs and lower lows remain intact on the higher timeframes. Additionally, lingering macroeconomic concerns, such as uncertainty around U.S. monetary policy and mixed economic data, may continue to weigh on investor confidence.