FX pair saw slight move to the upside, closing close to 1.16400.
Economic Calendar Analysis
Elevated volatility levels may be a primary scenario this week, considering Fed Interest Rate Decision.
EUR/USD hourly chart analysis
Technical outlook remains structurally bullish as evidenced by the price trading generally above the rising 200-period SMA, though the pair is currently undergoing a corrective consolidation after failing to break the 1.16800 resistance level. The market is currently sitting at a critical confluence point near 1.1650 where previous horizontal resistance meets the dynamic support of the orange 100-period SMA. This makes a bullish bounce highly plausible from this specific zone, but buyers must first push the price back above the green 50-period SMA to confirm a resumption of the uptrend toward 1.16800. Conversely, if the price sustains a breakdown below this 1.1650 support shelf, the bullish plausibility weakens significantly and would likely trigger a deeper liquidation toward the major psychological and trend support level at 1.16000.Hourly Chart
EUR/USD daily chart's review
FX pair is currently trapped in a tight consolidation phase, effectively "sandwiched" between conflicting moving averages. The price is hovering near 1.1652, struggling to gain traction above the orange 100-day Simple Moving Average which acts as immediate dynamic resistance, while simultaneously holding above the green 50-day SMA which provides structural support around 1.1609. This compression indicates high indecision, with recent long upper wicks suggesting that sellers are active above 1.1670, capping any significant upside. Consequently, the most plausible immediate scenario is continued range-bound trading until a decisive daily close occurs either above 1.1700 to confirm a bullish reversal, or below the critical 1.1600 support level to trigger a slide back toward the major swing lows at 1.1485.Daily chart
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Traders are long
EUR/USD is consolidating near 1.1650, trapped between conflicting daily moving averages and facing immediate pressure on the hourly chart after rejecting 1.1680. With trader sentiment slightly bearish, the pair is at a key decision point: a break below the current support cluster targets 1.1600, while holding here favors a retest of the range highs.