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In the previous trading session, the euro traded in a narrow range as it worked to sustain its upward trend.
On the 4‑hour chart, the pair remains supported above its 50‑day simple moving average, which is contributing to the current bullish momentum. The euro is also showing efforts to establish support near 1.0830—a key level aligned with the 61.80% Fibonacci retracement.
Bullish Outlook:
As long as intraday trading holds at 1.0830 and above 1.0800, the upward trend is expected to remain intact. We are targeting 1.0885 as the initial resistance level, with further gains toward 1.0940 possible if this level is breached.
Bearish Contingency:
However, if the pair closes below 1.0800 on the hourly chart, the downward bias could return, potentially leading to retests at 1.0775 and 1.0715 (the 50.0% Fibonacci retracement).
Risk Considerations:
Today, high-impact US economic data—specifically on Job Openings and Labor Turnover Rates (JOLTS)—is scheduled for release and may trigger significant volatility. In addition, ongoing trade tensions continue to contribute to a high-risk market environment, so all scenarios remain possible.
⚠ Risk Warning: The market remains highly volatile, and all scenarios should be considered.
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