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The EUR/USD pair maintained its upward trajectory during the previous trading session, aligning with expectations outlined in the last technical report. The pair is now testing the psychological resistance level of 1.0500, signaling potential for further gains.
Technical Outlook
A closer look at the 4-hour chart indicates strong bullish momentum, supported by the 50-day simple moving average (SMA), which is providing a solid base for further price increases. Additionally, the successful breakout of the 1.0445 resistance level—now turned into support—reinforces the positive outlook.
If the pair sustains its position above 1.0500, this could open the door for further upside toward 1.0540 and 1.0575, with an extended move possibly targeting 1.0600.
However, a retreat below 1.0445 could trigger renewed downside pressure, potentially leading to a test of 1.0360.
Market Risk and Caution
Traders should remain cautious due to heightened market risks amid ongoing trade tensions. Volatility remains high, and all scenarios remain possible based on geopolitical and economic developments.
⚠ Risk Warning: The market remains highly volatile, and all scenarios should be considered.
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