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EUR/USD Technical Analysis
The EUR/USD pair is trading sideways with a modestly bullish tilt, attempting to claw back a portion of its previous losses as market participants await price action near pivotal technical levels.
Technical Outlook – 4-Hour Timeframe:
On the short-term horizon, the Relative Strength Index (RSI) is working to climb out of oversold territory across the shorter timeframes — a development that could open the door to some limited recovery opportunities for the pair.
That said, the price remains anchored beneath the simple moving averages, which continue to function as dynamic resistance. This dynamic, combined with the recent breakdown of a short-term ascending trendline, reinforces the persistence of downward pressure on the pair.
Bearish (Most Likely) Scenario:
Trading beneath the 1.1740 resistance ceiling supports the continuation of the downtrend, particularly upon a confirmed break below 1.1700, with the initial target set at:
- 1.1670
A decisive breach of this level would unlock the path toward further declines targeting:
- 1.1640 as the subsequent objective
Bullish Scenario:
Conversely, a confirmed hourly candle close above 1.1740 would expose the pair to a retest of higher levels, with targets emerging at:
- 1.1780 as the initial objective
- Followed by 1.1820
Key Economic Events to Watch:
Today’s session features high-impact economic releases that have the potential to amplify volatility across the financial markets:
🇬🇧 United Kingdom:
- Monthly GDP
🇺🇸 United States:
- Retail Sales
Please note that elevated volatility and pronounced price swings are likely to materialize around the release of these data points.
- Risk Disclaimer: Trading CFDs involves risks, and therefore the scenarios outlined above are not a recommendation to sell or buy but rather an explanatory reading of price movement on the chart.
| S1: 1.1700 | R1: 1.1740 |
| S2: 1.1670 | R2: 1.1780 |
| S3: 1.1640 | R3: 1.1820 |
