FX pair saw slight move to the upside closing close to 1.17300.
Economic Calendar Analysis
Elevated levels of volatility should be anticipated as the of Federal Reserves decision on rate cuts may bring higher higher than usual volatility levels.
EUR/USD hourly chart analysis
The price is in a clear uptrend, trading above the 50, 100, and 200-period Simple Moving Averages, which are aligned in a bullish formation and sloping upwards. The MACD indicator confirms this strengthening upward momentum, with its line above the signal line and a widening positive histogram. Following a breakout above the 1.1760 level, which now serves as key support, the next resistance targets are near 1.1820 and 1.1900. The confluence of these indicators suggests buyers are in firm control and the uptrend is likely to continue.Hourly Chart
EUR/USD daily chart's review
The price is trading above the 50, 100, and 200-day moving averages, all of which are sloping upwards, confirming strong underlying momentum. However, the uptrend is currently stalled at a significant resistance level around 1.1830. A firm breakout above this resistance is needed to signal a continuation of the bullish trend, while failure to do so could see the price pull back toward the main support level at 1.1600.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.