Technical Analysis
On the 1-hour chart, EUR/USD is trading near 1.1408, showing a corrective pullback after recent gains. The pair breached a rising trendline support around 1.1411 and is approaching key Fibonacci retracement levels derived from the recent swing low to high. Immediate support lies at the 100% Fibonacci level near 1.1368, with further downside targets at the 127.2% extension at 1.1399 and the 161.8% extension at 1.1385. The 61.8% retracement at 1.1427 now acts as a resistance barrier.
Otherwise, buyers have to reclaim the 1.14276 hurdle to alter the downward movement.
Conclusion
EUR/USD remains in a phase of consolidation shaped by diverging central bank policies and fresh inflation signals. The softer Eurozone inflation grants the ECB room to ease, which weighs on the euro, while the U.S. dollar finds support amid stable economic data and hawkish Fed outlooks. Traders should monitor the ECB meeting closely for guidance cues and watch technical levels at 1.1368 support and 1.1427 resistance for potential directional confirmation.
The interplay of these fundamental and technical factors will define the pair’s trajectory in the coming sessions.
On the 1-hour chart, EUR/USD is trading near 1.1408, showing a corrective pullback after recent gains. The pair breached a rising trendline support around 1.1411 and is approaching key Fibonacci retracement levels derived from the recent swing low to high. Immediate support lies at the 100% Fibonacci level near 1.1368, with further downside targets at the 127.2% extension at 1.1399 and the 161.8% extension at 1.1385. The 61.8% retracement at 1.1427 now acts as a resistance barrier.
Otherwise, buyers have to reclaim the 1.14276 hurdle to alter the downward movement.
Conclusion
EUR/USD remains in a phase of consolidation shaped by diverging central bank policies and fresh inflation signals. The softer Eurozone inflation grants the ECB room to ease, which weighs on the euro, while the U.S. dollar finds support amid stable economic data and hawkish Fed outlooks. Traders should monitor the ECB meeting closely for guidance cues and watch technical levels at 1.1368 support and 1.1427 resistance for potential directional confirmation.
The interplay of these fundamental and technical factors will define the pair’s trajectory in the coming sessions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.