EUR/USD has reversed amid Trump ceasefire, closing the gap and moving towards 1.17500.
Economic Calendar Analysis
EUR/USD hourly chart analysis
EUR/USD on the 1-hour chart is showing strong bullish momentum. After consolidating between 1.15650 and 1.16000, the pair broke out with strong green candles. The short-term trend is bullish, with price making higher highs and higher lows and now challenging a key resistance level around 1.17100.The moving averages are aligned in a bullish stack, with the 50 SMA near 1.16100 acting as dynamic support, while the 100 and 200 SMAs are below, confirming the upward trend. Immediate support is at 1.16800, with major support at 1.15650. Immediate resistance is at 1.17100, and the major psychological target is 1.18000.If the price closes above 1.17100, the next targets are 1.17400 and 1.18000. If it fails to break this level, a pullback to 1.16800 or the 50 SMA is likely, often seen as a buying opportunity rather than a reversal.
Hourly Chart
EUR/USD daily chart's review
After a sharp decline through March that bottomed near 1.1440, EUR/USD has spent the last two weeks consolidating. Today's candle is a strong momentum breakout several key technical levels in a single session.The interaction with the moving averages is important. The price has surged above the 100 and 200 SMAs, reclaiming bullish territory lost in early March. The 50 SMA, currently acting as resistance, is a critical level; a daily close above it would indicate a medium-term trend reversal from bearish to bullish.Daily chart
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Traders are going long
Traders are somewhat divided but leaning bullish with 55.93% long positions and a moderate increase in long volume of 11.86%.