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EUR/USD Technical Analysis
The EUR/USD pair exhibited a bullish trajectory during the previous trading session, climbing to a high of 1.1769.
Technical Outlook – 4-Hour Timeframe:
The euro successfully penetrated a key resistance level at 1.1730, bolstered by positive momentum from the simple moving averages. Momentum indicators, particularly the Relative Strength Index (RSI), continue to show bullish signals despite entering overbought territory, indicating the strength of the prevailing uptrend.
Upside Scenario: As long as price action remains above 1.1700, further upside potential exists toward 1.1800. A break above this level could extend gains toward 1.1830.
Downside Scenario: A close below the key support level of 1.1700 could reactivate selling pressure, with an initial downside target of 1.1630.
Risk Warning: High-impact economic data is expected from the US economy today, specifically the Producer Price Index. Elevated price volatility is anticipated at the time of the data 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: 1.1700 | R1: 1.1800 |
| S2: 1.1630 | R2: 1.1840 |
| S3: 1.1590 | R3: 1.1910 |
