EURUSD: Consolidating above the descending channel!
Dear friends,
The Euro (EUR) extended its recovery against the US Dollar (USD) on Monday, slightly climbing above the 1.0400 level as the greenback faced significant pressure. In fact, the US Dollar Index (DXY) struggled amidst a broad risk-on sentiment as investors analyzed President Trump's inaugural message for potential policy implications.
Looking at the technical chart, EUR/USD shows signs of breaking out of its descending channel on the 4-hour timeframe, signaling a shift in momentum. The price is trading above both the 34-period and 89-period exponential moving averages (EMAs), indicating bullish strength. However, the current area of 1.0400–1.0450 may serve as resistance, with sellers likely stepping in. A pullback to test the breakout zone or the EMA support is reasonable before a higher move unfolds. Key support lies near the 1.0300 mark, while a push above 1.0450 could pave the way toward 1.0500 and beyond.
The Euro (EUR) extended its recovery against the US Dollar (USD) on Monday, slightly climbing above the 1.0400 level as the greenback faced significant pressure. In fact, the US Dollar Index (DXY) struggled amidst a broad risk-on sentiment as investors analyzed President Trump's inaugural message for potential policy implications.
Looking at the technical chart, EUR/USD shows signs of breaking out of its descending channel on the 4-hour timeframe, signaling a shift in momentum. The price is trading above both the 34-period and 89-period exponential moving averages (EMAs), indicating bullish strength. However, the current area of 1.0400–1.0450 may serve as resistance, with sellers likely stepping in. A pullback to test the breakout zone or the EMA support is reasonable before a higher move unfolds. Key support lies near the 1.0300 mark, while a push above 1.0450 could pave the way toward 1.0500 and beyond.
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