Technical Analysis of the EUR/USD Pair
The EUR/USD pair is moving in an upward trend on the 4-hour timeframe. Prices have successfully formed an FVG (Fair Value Gap) on the 3H timeframe and have started to bounce upward from it. Therefore, a price increase is expected today on the EUR/USD pair. We can also observe that all timeframes above 2 hours are aligned with the bullish direction, which supports the continuation of the upward move.
Key Economic Events
The US dollar is awaiting important economic data today, including weekly jobless claims, manufacturing and services PMI figures, and new home sales. These events are expected to move the markets noticeably. The Eurozone is also anticipating the release of its services and manufacturing PMI data. Additionally, the European Central Bank (ECB) will announce its interest rate decision today, and statements from Christine Lagarde are expected to have a significant impact on the euro's movements.
Liquidity Levels
Prices are expected to rise during the day and target the 1.1801 level, followed by the 1.1831 level.
Scenario Invalidation
The bullish scenario will be invalidated if an hourly candle closes below the 1.1715 level.
