FX pair has recovered, the 50-hour and 100-hour simple moving averages are below 1.04330.
Economic Calendar Analysis
This week, macro data could bring moderate volatility, as traders actively position themselves for 2025. The ISM Manufacturing PMI data is expected to generate the highest levels of trading activity at the start of 2025.
EUR/USD hourly chart analysis
EUR/USD has been consolidating within the 1.03800 to 1.04455 price range. The 50-hour, 100-hour, and 200-hour simple moving averages have been leveling out around the 1.0400 price level. Larger-than-expected price moves could indicate an early trend for the FX pair in 2025. A bullish move could push the price towards the 1.04800 level.Further downside pressure could bring the price to the support level of 1.03800. The probability of further price consolidation should be considered low.
Hourly Chart
EUR/USD daily chart's review
The daily chart suggests that the second part of 2024 has been trading within a descending channel. On the daily chart, the 1.05240 price level should be considered as the resistance level, which could potentially bring a momentum shift towards more bullishness. Current price levels are still significantly lower than the 50-period, 100-period, and 200-period simple moving averages.Daily chart
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Traders sentiment mixed
No significant changes have occurred regarding the trading bias. The shortened trading week and decreased trading activity have resulted in fewer fluctuations in the FX pair.