EUR-USD Forex Trading Analysis and Chart Update
EURUSD, known as the “Fiber,” is one of the most heavily traded forex currency pairs globally, pairing the Euro against the US Dollar. Fundamentally, the EURUSD daily chart and price action today will be significantly influenced by the latest Federal Reserve Bank of New York’s Manufacturing Index, which signals economic health in the U.S., and the upcoming speech by Deutsche Bundesbank President Joachim Nagel. Positive figures from the US report could strengthen the dollar by suggesting robust manufacturing conditions, while a hawkish tone from Nagel could bolster the Euro through expectations of tighter monetary policy by the ECB.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
On the EUR-USD H4 chart, after approximately two months of sideways price action, the pair recently tested the previous high again. However, the lack of strong bullish momentum saw the price retrace below this key resistance level, indicating potential retests or breakout scenarios soon. Currently, price action is finding immediate support around the midline of the Bollinger Bands, alongside a clear ascending trendline and horizontal support. Bollinger Bands suggest consolidation with volatility poised to expand upon breakout. The Stochastic oscillator, moving downward from the overbought region, suggests short-term bearish momentum. Simultaneously, the RSI, hovering above the midpoint, signals continued bullish sentiment, yet indicates caution regarding immediate upside strength.
•DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.