EUR/USD Bullish Channel Towards 1.10!
Current Trading Range: The EUR/USD pair is trading within a narrow range of 1.0695–1.0755 during the early European session on Tuesday.
Market Sentiment: Traders are cautious and waiting on the sidelines ahead of crucial economic data releases from both the Eurozone and the US. These data releases are expected to bring volatility to the market.
Recent Movement: The EUR/USD has experienced a two-day uptrend, holding above the 20-day and 55-day Simple Moving Averages (SMA). Technical indicators on the daily chart suggest a modest bullish bias.
Key Level to Watch: A daily close below 1.0615 could negate the positive outlook, indicating a potential shift in market sentiment.
4-Hour Chart Analysis: On the 4-hour chart, the pair is testing a short-term downward trendline around 1.0705, with support at 1.0655. A break above 1.0710 could lead to further strength, targeting 1.0735 and 1.0760. Conversely, a break below 1.0650 may trigger a bearish move towards 1.0635 and 1.0610.
Previous Day's Movement: The EUR/USD rose on the previous day, finding support around 1.0560, driven by a weaker US Dollar and a decline in US yields.
Market Focus: Attention is now on upcoming economic data releases, particularly the US Consumer Price Index (CPI) report scheduled for the next day. This report is anticipated to have significant implications for the market.
US Dollar and Risk Sentiment: The US Dollar weakened during the American session, influenced by a pullback in US yields and increased risk appetite. Positive equity and commodity prices contributed to this sentiment.
Potential Market Impact: The direction of the EUR/USD pair may be influenced by the outcome of the US CPI report. A higher-than-expected inflation rate could strengthen the US Dollar, while a softer reading could lead to a weaker dollar.
Eurozone Data Releases: Eurostat is set to release employment and growth data from the third quarter, with an expected contraction of 0.1%. Additionally, ZEW survey results are also awaited.
Market Sentiment: Traders are cautious and waiting on the sidelines ahead of crucial economic data releases from both the Eurozone and the US. These data releases are expected to bring volatility to the market.
Recent Movement: The EUR/USD has experienced a two-day uptrend, holding above the 20-day and 55-day Simple Moving Averages (SMA). Technical indicators on the daily chart suggest a modest bullish bias.
Key Level to Watch: A daily close below 1.0615 could negate the positive outlook, indicating a potential shift in market sentiment.
4-Hour Chart Analysis: On the 4-hour chart, the pair is testing a short-term downward trendline around 1.0705, with support at 1.0655. A break above 1.0710 could lead to further strength, targeting 1.0735 and 1.0760. Conversely, a break below 1.0650 may trigger a bearish move towards 1.0635 and 1.0610.
Previous Day's Movement: The EUR/USD rose on the previous day, finding support around 1.0560, driven by a weaker US Dollar and a decline in US yields.
Market Focus: Attention is now on upcoming economic data releases, particularly the US Consumer Price Index (CPI) report scheduled for the next day. This report is anticipated to have significant implications for the market.
US Dollar and Risk Sentiment: The US Dollar weakened during the American session, influenced by a pullback in US yields and increased risk appetite. Positive equity and commodity prices contributed to this sentiment.
Potential Market Impact: The direction of the EUR/USD pair may be influenced by the outcome of the US CPI report. A higher-than-expected inflation rate could strengthen the US Dollar, while a softer reading could lead to a weaker dollar.
Eurozone Data Releases: Eurostat is set to release employment and growth data from the third quarter, with an expected contraction of 0.1%. Additionally, ZEW survey results are also awaited.
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