EUR/USD saw a decrease in price, closing below 1.15100.
Economic Calendar Analysis
Volatility levels may be impacted by fundamental data releases overall during the full week.
EUR/USD hourly chart analysis
Technical analysis indicates a strong bearish trend. The price is in a clear short-term downtrend, confirmed by its position below all three Simple Moving. This bearish stacking of the moving averages signals strong downward momentum. Currently, the price is testing a critical support level at 1.15100. A decisive break below this level would signal a bearish continuation, with the next major support target indicated on the chart at $1.13800. Conversely, if this support at 1.15100 holds, a short-term bullish correction could occur, with the price likely finding immediate resistance at the 50-period SMA and more significant resistance at the former support level of 1.15800.Hourly Chart
EUR/USD daily chart's review
The key level to watch is the 1.14000 support, where the long-term 200 SMA is located. If the price falls below and closes under 1.14000, it may likely lead to a bigger drop toward 1.12820. But if the price holds at 1.14000 and bounces back, it may stay in the range and try to move up toward the resistance around 1.16000. Overall, the 1.14000 level may decide the next major move, and the market is currently leaning bearish toward it.Daily chart
Read More: Technical Analysis
Traders are long
Currently, 61.11% of retail traders are long on EUR/USD, showing strong bullish sentiment that has risen by 22.22%. Such extreme one-sided positioning can act as a contrarian signal, suggesting a potential reversal as larger market players may push the price lower against the crowd.