Continuing previous weeks trend, FX pair closed lower, close to 1.16220.
Economic Calendar Analysis
U.S government shutdown may bring elevated volatility levels in the shorter time frame, considering impact on economic data releases.
EUR/USD hourly chart analysis
EUR/USD shows a strong downtrend with lower highs and lows. Price is below key moving averages (50, 100, 200 SMA), confirming sellers' control. Resistance is at 1.1650; support at 1.1600. A drop below 1.1600 could push price down to 1.1540.Hourly Chart
EUR/USD daily chart's review
Continuing previous weeks trend EUR/USD is showing bearish weakness within its long-term consolidation range; after a failed breakout attempt, the price has been rejected from the highs and has now broken below its 50-day moving average. The daily chart shows that while the underlying long-term trend is bullish, the market has been trading within a broad sideways range for the past three months between the major resistance ceiling at 1.1830 and a lower support zone near 1.1200. The recent failed breakout attempt above 1.1830 is a significant bearish signal that confirms the strength of the resistance and keeps the market in a state of indecision. This weakness is confirmed by the price breaking and closing below the 50-day SMA, which now acts as initial resistance and suggests sellers have taken control.Daily chart
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Traders sentiment is mixed
Market sentiment is currently mixed, with 51.29% of traders feeling bullish, meaning they expect prices to rise, while the remaining 48.71% are bearish, anticipating a price decline. This nearly even split indicates uncertainty and a lack of clear consensus among investors about the future direction of the market.