Economic Calendar Analysis
The most important day this week will be Thursday, July 24th. The European Central Bank (ECB) is scheduled to announce its interest rate decision and hold a press conference.
EUR/USD hourly chart analysis
The Euro is expected to struggle against the US Dollar this week, with the chart showing a clear downward trend. The main reasons for this weakness are a potential trade dispute with the United States and the fact that US interest rates are currently higher than those in Europe, making the Dollar more attractive to investors. Looking at the price chart, the pair is trading below key indicator lines, which confirms the weak sentiment. A crucial price floor to watch is at the 1.1575 level. If the price breaks below this point, it could fall further. On the upside, the pair faces an immediate ceiling at 1.1630, with a more significant barrier at 1.1740. The Euro would need to break above these levels to show any real signs of recoveryHourly Chart
EUR/USD daily chart's review
Recently, the price pulled back from its peak near 1.1900 but found strong support on the 50-day moving average around 1.1506. The price is currently bouncing up from this key level. As long as the price stays above this green line, the outlook remains positive, with the next target being the 1.1900 high. If it breaks below, the next major support is around $1.1290.Daily chart
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Traders sentiment is bearish
Continuing the trend from previous weeks, EUR/USD maintains its bearish sentiment, driven by a mix of macroeconomic headwinds and evolving market expectations.