EUR/USD saw a slight increase, closing above 1.17000.
Economic Calendar Analysis
No significant levels of volatility should be expected from fundamental data, if data is represented as forecasted.
EUR/USD hourly chart analysis
EUR/USD is stuck in a sideways range on the hourly chart, with no clear trend. The range is defined by strong resistance at the top near 1.1718 and major support at the bottom around 1.1630. Currently, the price is testing a critical support zone around 1.1680, formed by the moving averages. The outcome at this level is key: if the support holds, the price will likely try to retest the 1.1718 resistance, but if it breaks, a fall towards the 1.1630 support is expected.Hourly Chart
EUR/USD daily chart's review
Long-term trend for EUR/USD on the daily timeframe remains decidedly bullish, confirmed by the positive alignment of the 50, 100, and 200-day Simple Moving Averages. However, after peaking near the 1.1830 resistance level, this uptrend has paused, entering a corrective phase. The most significant recent development was a sharp pullback below the 50-day SMA, but buyers successfully defended the trend by pushing the price back above this key level. The ability of the pair to reclaim and now hold the 50-day SMA is a strong sign of resilience, suggesting the dip was a correction rather than a reversal.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.