Previous week saw slight move to the upside, closing above 1.16400 price zone.
Economic Calendar Analysis
Fundamental news releases may elevate the levels of volatility during this week.
EUR/USD hourly chart analysis
A healthy and established uptrend, confirmed by its bullishly stacked moving averages which are all sloping upwards below the current price. Recently, the upward momentum has taken a pause, with the price entering a consolidation phase after encountering resistance near the 1.1700 level. This pullback is now approaching a critical support zone, which is a confluence of the horizontal line at 1.1630 and the rising 50-period moving average. A successful bounce from this support area would be a strong indication that the consolidation is over and the primary uptrend is likely to resume.Hourly Chart
EUR/USD daily chart's review
Recently, the pair underwent a significant correction, pulling back from its highs near 1.1830. This pullback found solid support at the crucial 100-day moving average, from which the price has strongly bounced. The price has since reclaimed the 50-day moving average and is now consolidating just above it, which suggests the uptrend is attempting to resume after a healthy correction.Daily chart
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Traders sentiment is bearish
Continuing the trend from previous weeks, from trading sentiment perspective EUR/USD maintains its bearish sentiment, driven by a mix of macroeconomic headwinds and evolving market expectations.