Over the past 24 to 48 hours, EUR/USD has hovered steadily around 1.1784, indicating sustained confidence in the euro. With yesterday’s closing price at 1.17843, the euro continued its mild upward momentum, breaking and holding near the key psychological level of 1.1800. Trading remained relatively thin with limited volatility, reflecting the market’s wait for upcoming economic data to clarify future trends.

The price action was driven by multiple fundamental factors: firstly, analysts are optimistic about Eurozone economic growth in 2026, projecting EUR/USD to rise into the 1.20–1.25 range, supported by improving Eurozone fundamentals and a slowing U.S. economy. Meanwhile, Federal Reserve easing expectations have capped the dollar’s strength, keeping the USD index under pressure and supporting EUR/USD. Additionally, the dollar’s share of global reserves has decreased, signaling shifting international capital flows that enhance the euro’s appeal.

For the average investor, this means that amid diverging global economic growth, the euro could be a currency offering both a safe haven and growth potential. With U.S. economic slowdown and Fed policy gradually easing, the dollar no longer shows past strength, and investors should watch subsequent economic data and policy moves closely, as they will directly influence the next leg of EUR/USD’s movement.

Daily Chart

The daily chart shows a sustained uptrend in EURUSD since mid-year, with prices holding firmly above the 1.1600 to 1.1800 range and recently breaking through the 1.18 resistance level. Moving averages indicate a bullish setup with the short-term MA (20) above the medium-term MA (50). Bollinger Bands are widening, signaling increased volatility, with prices near the upper band demonstrating strong buying momentum. MACD remains above zero with expanding histogram bars, confirming growing momentum on the daily timeframe and reinforcing the bullish outlook.

1H Chart

The hourly chart reveals a 3 to 5 day upward consolidation, with a recent breakout above the 1.1780 short-term resistance followed by sideways movement near 1.18. Short-term moving averages show a bullish crossover, while Bollinger Bands, after contracting, have started to expand, indicating increasing volatility. The MACD shows a golden cross above zero with rising histogram bars, signaling strong short-term bullish momentum. A recent bullish engulfing candlestick pattern reinforces the near-term bullish prospects, suggesting potential continuation in the next 24 hours.

Technical Trend:  EURUSD is in a clear and steady uptrend, best described as ‘steadily bullish’, reflecting favorable fundamentals and strong technical support.

EURUSD is testing the 1.18 resistance in a strong bullish trend. Technical indicators such as the MACD golden cross and expanding bullish Bollinger Bands suggest further upside potential. The recent bullish engulfing candlestick pattern provides a clear short-term buy signal. Key resistance lies between 1.1850 and 1.1900, while support levels around 1.1720 and 1.1700 should be monitored for risk control and trade management.

Today’s economic calendar only includes a speech by Bank of Japan Governor Ueda, which is unlikely to significantly impact EURUSD, given no major US or Eurozone economic data releases. Traders should focus on ongoing fundamental developments and technical signals without expecting sharp volatility from economic events today.

Resistance & Support

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