Peter Smith
⬤ EUR/USD has gained fresh momentum in the latest session, building steadily after finding support near recent lows. The pair is showing bullish energy for the day, which matches what we're seeing on the 240-minute chart. Price is currently trading around 1.166–1.167, having climbed from the 1.158–1.160 zone earlier this week.
⬤ The chart reveals an interesting pattern—price swept below 1.159 to grab liquidity on the downside, then quickly reversed higher. What followed was a series of stronger candles with improving momentum, signaling that sellers have backed off. The pair has been respecting key reaction levels during this climb, forming higher lows and pushing steadily upward without any sharp pullbacks.
⬤ Right now, EUR/USD is heading toward the upper boundary marked as external liquidity near 1.170. After breaking above and consolidating over the 1.162–1.164 area, which used to act as resistance, the pair has kept its upward structure intact. The chart shows that as long as price stays above this support zone, the path toward that 1.170 liquidity area remains open—perfectly in line with today's intraday trend.
⬤ This move matters for the broader forex market because EUR/USD short-term swings often mirror changes in dollar sentiment and near-term risk appetite. If the pair continues pushing toward that external liquidity zone, we could see intraday volatility pick up, which would likely ripple across other major currency pairs. How EUR/USD handles the 1.170 level will be telling—it could either extend this upward run or shift into a consolidation phase.
Peter Smith
