FX pair saw minor volatility, closing above 1.17100.
Economic Calendar Analysis
Increased volatility may not be a primary scenario during this week, even considering fundamental data release.
EUR/USD hourly chart analysis
EUR/USD is in a strong uptrend on the hourly chart. The price is now at a critical decision point, re-testing the major resistance or "ceiling" at 1.1750. A clean break above this level would signal the uptrend is continuing. However, if the price fails here again, it could form a "double top" and pull back to the first major support zone around 1.1693.Hourly Chart
EUR/USD daily chart's review
A convincing daily close above this level is required to signal the end of the consolidation and the continuation of the long-term uptrend. As long as the price holds above the critical support of the 50-day SMA, this bullish scenario remains the most likely. Conversely, a bearish reversal would require a decisive break and close back below the 50-day SMA, which would signal renewed weakness and could lead to a deeper correction towards the next major support at the 100-day SMA around 1.1039.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.