EUR USD Forex Daily Chart Forecast and Price Trends
The EUR/USD, commonly known as the “Fiber,” is the most actively traded currency pair globally, representing the economic relationship between the Eurozone and the United States. Today, the fundamental analysis points to a volatile session for the USD, driven by critical announcements such as the New York Manufacturing Index and speeches by key Federal Reserve members, including Governor Stephen Miran and Governor Christopher Waller. Hawkish rhetoric and optimistic manufacturing data would likely bolster the dollar, exerting bearish pressure on EUR/USD. Conversely, if the European CPI and Industrial Output figures surpass expectations, it could offer some bullish respite for the Euro.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
From a technical standpoint, after a period of sideways consolidation, the EUR/USD has resumed a bearish trajectory on the H4 chart, supported by strong momentum and confirmed by negative hidden divergence, indicating robust selling pressure. Candlesticks recently tested the 0.236 Fibonacci retracement level at 1.16292 but failed to break decisively. This retracement remains a crucial resistance zone for any corrective rallies. If bearish momentum prevails, the pair could target the historical reaction level around 1.14178. The Moving Average is positioned below the candles but trending upward, suggesting potential short-term correction. MACD indicators display a slight bullish signal with the histogram at 0.00024, MACD line at -0.00327, and the signal line at -0.00351, while the Stochastic Oscillator (%K at 75.40 and %D at 74.85) is nearing overbought territory, hinting at limited upward movement potential.
•DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.
