Economic Calendar Analysis
Although this week is filled with data releases, starting with core PPI on Monday and ending with jobless claims on Thursday, moderate levels of volatility are expected.
EUR/USD hourly chart analysis
Downside pressure is currently pushing the FX pair towards the 1.01500 price level. If bullish momentum does not materialize to reverse the trend, it is likely that the pair will continue moving downward. In that case, further declines could bring the price towards the 1.0000 level, where additional support may be tested. The persistence of negative market sentiment or lack of upward movement could reinforce this downward trajectory.Hourly Chart
EUR/USD daily chart's review
On the daily chart, EUR/USD is currently trading below the key resistance level of 1.0310, as well as below the 50-period, 100-period, and 200-period simple moving averages. This suggests a bearish market sentiment, with the price facing significant downward pressure. The next support level at 1.0200 is likely to be tested, and if this level fails to hold, the pair could continue its decline towards the 1.0000 level. A break below 1.0200 would signal further weakness and could lead to the 1.0000 level being tested, where stronger support may be found. The ongoing bearish trend, coupled with the absence of bullish momentum, indicates that further downward movement remains a possibility in the near term.Daily chart
As of Monday, January 13th, trader sentiment is predominantly bullish, with more than 70 percent of trading volume being considered bullish. This strong bullish sentiment suggests that many traders are expecting a reversal in the current trend, despite the ongoing bearish momentum visible on the daily chart. The anticipation of a potential bullish reversal could be driving traders to position themselves against the prevailing trend, possibly in hopes of capitalizing on a short-term price correction or trend shift. This positioning may indicate a divergence between market sentiment and the technical indicators, which could result in increased volatility as traders react to upcoming price movements and market developments.