Usman Salis
⬤ The euro's trading pretty much sideways against the dollar right now, hovering around 1.1740 on the hourly chart. Price action's been wishy-washy—neither bulls nor bears can get anything going. The pair's having trouble picking a direction, but at least the technical levels are clear enough.
⬤ Here's the thing: resistance around 1.1740–1.1750 keeps putting a lid on any rallies. The pair tried pushing higher yesterday evening but got smacked back down during the European session. Still, sellers couldn't push it much below 1.1720—that's where buyers showed up and defended the level. That zone's now looking like solid short-term support, keeping price from dropping further.
⬤ As long as 1.1720 holds, there's room for EUR/USD to slowly grind higher toward 1.1780, maybe even testing 1.1800 down the line. Don't expect fireworks though—this looks like a gradual climb rather than a breakout move. Momentum indicators and moving averages are still reflecting consolidation, not any strong directional trend.
⬤ This range matters because it's setting up clear risk levels. If 1.1720 breaks, attention shifts back to 1.1700. But while support holds, the door's open for higher prices. How EUR/USD breaks out of this consolidation could set the tone for short-term sentiment across the currency market.
Usman Salis
