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The euro extended its gains against the US dollar (EUR/USD), aligning with the bullish outlook anticipated in the previous technical analysis report. The pair successfully touched the official target at 1.1720.
From a technical standpoint, the current session is showing continued strength. Price action remains stable above the key psychological support of 1.1600. A review of the 4-hour chart highlights ongoing support from the simple moving averages, which continue to carry the price upward. This is reinforced by the persistence of positive momentum indicators.
As long as daily trading holds above 1.1610—and more critically, above 1.1600—the bullish scenario remains intact. A break above the 1.1735 resistance level would be a key trigger to extend the uptrend, potentially leading to further gains toward 1.1790 and 1.1850.
Should the price fall below 1.1600, it would delay, but not cancel, the bullish outlook. In such a case, the pair may retest 1.1540 before attempting another move higher.
Warning: Today’s economic calendar includes high-impact data from the US, including the final Q1 GDP reading and weekly jobless claims. These releases could trigger significant market volatility.
Warning: The risk level is elevated due to ongoing trade and geopolitical tensions, and all scenarios are possible.
Risk Warning: The market remains highly volatile, and all scenarios should be considered.
Warning: Trading CFDs carries risk. This analysis is not a recommendation to buy or sell, but an illustrative interpretation of chart movements.
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