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The EUR/USD pair began the week with strong bullish momentum, recording a session high of 1.1716. This move reflects a continuation of the recent upward trajectory.
Technical Outlook – 4-Hour Timeframe:
The pair’s rise was driven by a successful breakout above a descending trendline, reinforced by positive momentum from the 50-period Simple Moving Average (SMA). Additionally, the Relative Strength Index (RSI) continues to issue bullish signals, confirming the strength of the upward movement.
Most Likely Scenario – Bullish Bias:
As long as the price remains above the previously breached resistance level of 1.1640, the bullish outlook remains valid. A clear and sustained break above the psychological resistance at 1.1700 would reinforce bullish momentum, with upside targets at:
- 1.1740 – First resistance level
- 1.1770 – Second resistance level
Alternative Scenario – Bearish Reversal:
Should the pair fall back below 1.1640, the bullish trend would likely pause. In this case, downside pressure may re-emerge, with potential support levels at:
- 1.1570, followed by
- 1.1540
Market Catalyst:
Today, Federal Reserve Chairman Jerome Powell is scheduled to speak—an event that could trigger significant market volatility depending on his tone and policy signals.
Caution:
Risk remains high due to ongoing trade tensions and macroeconomic uncertainty. All scenarios are possible, and effective risk management is strongly advised.
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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