Economic Calendar Analysis
This week is expected to bring increased volatility, given the multiple economic data releases and macroeconomic events occurring that could significantly impact the FX pair in the first month of 2025.
EUR/USD hourly chart analysis
The EUR/USD pair is currently trading above the 50, 100, and 200-period simple moving averages (SMAs), indicating a strong bullish trend. This suggests that buyers are in control and market sentiment is positive. The target price of 1.05905 is a key level where traders expect the price to move if the bullish momentum continues. Technical signals are driving the price toward this target.Hourly Chart
EUR/USD daily chart's review
If the long-term bullish trend continues, EUR/USD could move towards the resistance level of 1.07600. This would be supported by sustained upward momentum, positive economic data, and favorable market conditions. A break above this level would signal further strength in the pair, with key factors such as strong eurozone data, a hawkish ECB stance, and overall positive market sentiment driving the move.Daily chart
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Traders sentiment is bullish
Continuing the trend from the previous week, the EUR/USD pair has seen increased bullish volume, with a clear bullish trading bias emerging from traders. This suggests that market participants are more confident in the pair's upward momentum, driving further buying pressure. The growing volume supports the sustainability of the bullish trend, indicating that traders are likely positioning for continued upward movement in the near term.