Over the past 24 to 48 hours, the EUR/USD pair traded with mild volatility, closing at 1.13879, slightly higher than the previous day. Despite lingering cautious sentiment, multiple factors drove the currency pair to a modest rebound.

The US dollar weakened as crude oil prices dropped sharply by over 3%, easing concerns over Federal Reserve rate hikes and directly boosting the EUR/USD rebound. This aligns with views from institutions like Scotiabank, which noted the Euro as one of the best-performing G10 currencies with further upside potential. Additionally, easing geopolitical tensions and traders scaling back 2026 rate hike expectations have continued to support the Euro’s gains.

For the average investor, this scenario resembles relief in a tense market as key pressure points like oil prices and rate hike expectations ease, making the Euro relatively more appealing against the dollar. Overall, the recent price movement in EUR/USD reflects a blend of US dollar weakness and shifting policy expectations, forming the core market driver in the latest market news.

Daily Chart

The EURUSD daily chart illustrates a gradual uptrend from recent lows, with the price consistently above both the 800 and 365-day exponential moving averages, highlighting a mild bullish trend. The Bollinger Bands are narrowing, indicating lower volatility but potential for breakout. MACD remains above the zero line supporting momentum. Overall, the pair is stabilizing near key longer-term moving averages with potential short-term consolidation risks.

1H Chart

In the past 3-5 days, the hourly chart shows EURUSD in a mild rebound phase, supported by the 800 EMA. Bollinger Bands maintain moderate width reflecting steady volatility. A recent MACD golden cross signals increasing short-term bullish momentum, and the CCI is not yet overbought, allowing room for extended upside. Notably, a bullish engulfing candlestick formed recently, pointing to possible further gains in the next 24 hours.

Technical Trend:  EURUSD is currently in a cautiously bullish trend, showing short-term consolidation with sustained upward momentum.

Technically, EURUSD maintains a cautious bullish setup, supported by alignment of short and long-term moving averages and a bullish MACD crossover. The contracting Bollinger Bands suggest reduced volatility but heightened potential for significant price swings. Recent bullish engulfing candlestick strengthens short-term rebound confidence. Fundamentally, US dollar weakness combined with easing crude oil prices is alleviating Fed rate hike fears, benefiting the euro. However, ongoing geopolitical and policy uncertainties advise vigilance, particularly around upcoming central bank speeches and data releases.

There are no direct major economic events impacting EURUSD today. The scheduled speeches from RBA Chairman Bullock and FOMC member Barkin are unlikely to cause immediate volatility, though their commentary may provide clues on upcoming policy directions. Traders should monitor their remarks for potential future impact.

Resistance & Support

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