Euro is trying to resume its upward trend 5/12/2025

The EUR/USD pair met the previously anticipated target at 1.1670, reaching a high of 1.1682.

Technical Outlook – 4-Hour Timeframe:

Positive momentum continues to build, supported by simple moving averages that have begun to cross upward, reinforcing the bullish trend. The Relative Strength Index (RSI) is also showing a positive divergence, further strengthening the bullish bias. Price action remains contained within a stable ascending channel, providing additional support for the pair’s ongoing corrective rise.

Likely Technical Scenario:

As long as daily trading stays above 1.1640 — and more broadly above 1.1600 — the bullish outlook remains dominant, with the next target at the resistance level of 1.1680. A break above this level could open the door for further gains toward 1.1720.

Conversely, holding below the mentioned support may limit upside attempts and trigger a pullback toward 1.1570.

Note: Today we await highly significant U.S. economic data, including Core Personal Consumption Expenditures (PCE) monthly and yearly readings, in addition to the preliminary Michigan Consumer Confidence Index. High volatility is likely around the time of release.

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: 1.1640	R1: 1.1680
S2: 1.1605	R2: 1.1720
S3: 1.1570	R3: 1.1755