FX pair saw a move to the downside, closing below 1.15370.
Economic Calendar Analysis
Elevated levels of volatility may be expected from fundamental data releases from this 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
EUR/USD is showing significant weakness. After a recent sharp price drop, the pair is now positioned at a critical decision point. This "floor," or main support level, is the 100-day moving average located at 1.15081. The current price is testing this exact level right now.There are two primary scenarios to watch. If the price breaks and closes a daily candle below this 1.15081 floor, it would be a strong signal that the trend is turning bearish. In this case, the next major target for sellers would likely be the 1.14000 level. Alternatively, if this 1.15081 floor holds and the price bounces, it would suggest the long-term uptrend is still intact. The first "ceiling," or resistance, that the price would likely try to reach on its way up is at 1.16000.
Daily chart
Read More: Technical Analysis
Traders are long
Continuing previous week traders are displaying a more bullish stance, supported by improving market fundamentals and reduced risk aversion.