FX pair experienced above average volatility during week, before slightly closing above 1.18000.
Economic Calendar Analysis
Continuing previous weeks trend, moderate levels of volatility may be observed, additional ISM Manufacturing data should be taken in consideration of volatility assessment for this week.
EUR/USD hourly chart analysis
The price has dropped below the 50 and 100 SMAs, with the 50 SMA nearing a Death Cross below the 100 SMA, signaling potential bearish momentum. The 200 SMA at 1.1825 is a key support; a bounce here would maintain a bullish trend, but a break below it could reverse the trend. Resistance is at 1.2000, with 1.1900 acting as immediate resistance after flipping from support. The price is near critical support at 1.1850, and a break below could lead to targets at 1.1800 and 1.1630.Hourly Chart
EUR/USD daily chart's review
EUR/USD chart shows a generally bullish trend, with the price above the 50 and 100 SMAs, indicating recent upward momentum. However, the price is approaching these moving averages, particularly the 50 SMA, which may act as support if the price retraces. The 200 SMA is still well below the current price, reinforcing the long-term bullish trend. The price recently broke above 1.1900, but there is a potential pullback, with the upper wick on the most recent candlestick signaling rejection at higher levels.Daily chart
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Traders are going long
The traders' sentiment for EUR/USD is bearish, with 36.18% of traders holding long positions and 63.82% holding short positions. This indicates a stronger inclination towards selling the EUR/USD pair in the market.