Euro seeks additional momentum 9/12/2024

The EUR/USD pair ended last week’s trading on a bullish note, surpassing the 1.0560 resistance level and reaching the target of 1.0635, marking its highest level at 1.0635.

Technical Analysis:

• Momentum Indicators: The 240-minute chart shows support from the 50-day simple moving average, alongside the Stochastic indicator signaling positive momentum, suggesting further upward potential.
• Support & Resistance:
  • Upside Potential: As long as trading remains steady above 1.0500, the pair is likely to continue its upward trend. Breaking 1.0600 could pave the way toward 1.0665, with further gains extending to 1.0700.
  • Downside Risk: A break below 1.0500 would invalidate the bullish scenario, resuming the main downtrend. This could drive the pair towards 1.0465, with losses possibly extending to 1.0400.

Warnings:

High Risk: Due to ongoing geopolitical tensions, market conditions remain volatile. Traders should exercise caution, as all scenarios remain possible.

Risk Alert: Market conditions remain highly uncertain due to ongoing geopolitical tensions, and multiple outcomes are possible.

S1: 1.0500	R1: 1.0600
S2: 1.0465	R2: 1.0665
S3: 1.0405	R3: 1.0700