Usman Salis
⬤ EUR/USD stabilized on Thursday, staying above its rising trendline and holding within the narrow 1.1655 to 1.1670 range shown on the hourly chart. The pair is trying to push higher, though no strong breakout has materialized yet. Price action reflects a sideways correction within the broader uptrend, with the 1.1640 support level keeping the structure intact.
⬤ The chart shows EUR/USD respecting the trendline as technical indicators point to continued upward momentum. RSI sits near 59, suggesting moderate strength, while trading volume remains thin and hasn't confirmed any decisive move. Volume Profile shows the point of control around 1.1594, marking a key balance zone. Bollinger Bands continue compressing between the mid and upper range, and Parabolic SAR maintains its upward bias.
⬤ Broader moves in EUR/USD still depend heavily on Federal Reserve policy expectations and US Treasury yield shifts, while European economic data stays relatively quiet. With US inflation and labor reports coming up, volatility could pick up across major pairs. Key upside levels to watch are 1.1670, 1.1685, and 1.1707, while downside support at 1.1640, 1.1630, and 1.1610 will determine if the pair can maintain its positive trend.
⬤ EUR/USD's consolidation near trend support marks an important moment for market sentiment. A clean break above 1.1670 could strengthen bullish momentum toward higher Fibonacci targets, while losing 1.1640 would weaken the short-term outlook. With focus on incoming US data, the pair sits at a point where even small shifts in expectations could trigger the next directional move.
Usman Salis
