Technical Analysis of EUR/USD
EUR/USD is trending upward on the 4-hour chart and moving sideways on the 1-hour chart. Prices are currently trading around the 1.1642 level. Notably, the Euro is rising supported by U.S. dollar weakness so far.
Today, the pair is expected to experience a bearish corrective move to accumulate liquidity before continuing upward later in the week.
Key Economic News
There are no significant news for the Euro or U.S. Dollar today, so market movement is expected to be relatively calm.
Liquidity Levels
A bearish corrective move is anticipated toward 1.1598, which represents a DFVG area. Around this level, we will look for bullish price action to resume the pair’s upward movement on larger timeframes.
Bearish Correction Scenario Cancellation
The corrective bearish scenario will be invalidated if prices reach 1.1705.
