Economic Calendar Analysis
Elevated volatility is expected towards Thursday and Friday when the US labor market and Eurozone GDP data will be released.
EUR/USD hourly chart analysis
The FX pair is trading below the 1.03400 price level. If slow price action continues, no momentum should be expected. A short-term target of 1.02500 could be considered unless fundamental data introduces volatility in the pair.Hourly Chart
EUR/USD daily chart's review
On the daily time frame, sideways price action should be considered until the market provides a clear directional bias. A resistance level of 1.06100 may confirm bullishness if broken. A support level of 1.11800 may indicate a bearish trading bias.Daily chart
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Traders sentiment is bullish
Both trading volume and positioning indicate that traders are anticipating bullish momentum in the FX pair. Increased trading volume suggests growing interest in buying, while positioning data shows a significant number of traders holding long positions. This combined activity signals confidence in upward movement, reinforcing a positive market sentiment for the near term. However, any shifts in key levels or fundamentals could impact this outlook.