The EUR/USD currency pair is currently being actively supported by the news, as markets are leaning towards USD weakness in anticipation of a more flexible stance from the Fed. In the absence of strong upward momentum in the US dollar, the euro naturally benefits, providing a suitable basis for the continued upward trend in the next 24 hours.

On the chart, the uptrend is clearly visible; the price is moving along the uptrend line and trading above the moving averages, indicating that buying power still dominates the price structure. The last rise was strong, but since then the price has not fallen sharply, but has entered a state of consolidation at a high level. This is a common feature of a benign trend of “resting first and then continuing to rise”.

The most important level right now is 1.1720 as it represents short-term support and is an ideal area to retest before initiating another move. If the price sustains at this level and a clear bullish signal emerges (rejection candle or positive close), the logical nearby target would be 1.1790, an area that could see some volatility and profit-taking in the short term.

Source link