Over the past 24 to 48 hours, the EUR/USD pair has continued its upward momentum, closing at approximately 1.17416, slightly higher than yesterday’s close of 1.17386, reflecting a modest gain of around 0.03%. This rise was driven primarily by the Federal Reserve’s decision to cut interest rates alongside softer-than-expected US employment data, which weakened the US dollar and boosted the euro.

The Fed’s recent rate cut clearly reduced the dollar’s appeal, while the disappointing US jobs report raised concerns about slowing economic growth in the United States. This combination pressured the dollar across global forex markets, encouraging capital flows into the euro and triggering a noticeable rebound in the EUR/USD exchange rate. For the average investor, this signals a clear market indication of economic caution from the US and a pivot of investment towards the euro.

Supporting the euro’s gains further were robust economic data from Europe, especially strong performances from key economies like Germany, which provided resilience amid global uncertainties. Overall, these fundamental drivers have underpinned the euro, suggesting the EUR/USD could continue to trend higher in the near term.

Daily Chart

The daily chart reveals a steady upward climb over the past month with EURUSD price consistently above its 50- and 200-day moving averages, indicating a solid medium-to-long-term bullish trend. Bollinger Bands are expanding, suggesting increased volatility. The MACD histogram and fast line remain above the slow line, signaling strong bullish momentum. A rising flag pattern began forming near the end of November, which typically precedes a breakout continuation. Overall, the long-term trend favors continued Euro strength.

1H Chart

The hourly chart over the last 3-5 days shows a clear bullish retracement with short-term moving averages aligned bullishly. Price recently broke above the psychological 1.1740 level. The MACD indicator features a golden cross with expanding histogram bars, reinforcing upward momentum. Price respects the Bollinger Band middle line as support, repeatedly touching the upper band with no significant pullback thus far. A recent bullish engulfing candlestick signifies strong buying pressure expected to persist over the next 24 hours. Traders should watch for breakout continuation signals.

Technical Trend:  Trend Direction: Decisively Bullish with sustained upward momentum.

The most critical technical insight is the breakout of a rising flag pattern on the daily chart combined with the hourly MACD golden cross, indicating robust bullish momentum. Recent bullish engulfing candlestick patterns further reinforce a near-term uptrend continuation. Price nearing the 1.1750 psychological resistance level suggests a potential acceleration in gains once broken. Traders should monitor volume and momentum indicators closely to identify high-probability entry points in line with the prevailing uptrend.

Today’s economic calendar includes an ECOFIN meeting in the Eurozone but no major data releases expected to directly impact EURUSD significantly. UK GDP and industrial production figures will be released, which may have indirect effects on the Euro but are unlikely to shift EURUSD decisively. Overall, no significant direct economic events are scheduled for today that would strongly influence EURUSD, with market focus remaining on US dollar strength and Federal Reserve developments.

Resistance & Support

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