Over the past 24 to 48 hours, the EUR/USD currency pair demonstrated noticeable volatility, closing near 1.16324, slightly above yesterday’s closing price of 1.16293.

The US dollar was supported by strong employment data forecasts, with markets closely watching upcoming JOLTS, ADP, and Nonfarm Payroll reports. Expectations of a hawkish Federal Reserve stance have pushed the US Dollar Index (DXY) towards the 99.58 level, putting pressure on the euro. EUR/USD retreated from this month’s high of 1.1710 to around 1.1650 earlier in the week as investors await the key Jackson Hole symposium, reflecting caution over US economic resilience.

For the average investor, the recent euro weakness is essentially tied to the forecasted strength in US jobs data. It’s akin to investors favoring a company that reports better-than-expected results, driving down competitors’ stock prices. Meanwhile, ongoing geopolitical tensions in Europe and uncertainty around ECB policy outlook have added to the euro’s headwinds. Investors should closely monitor upcoming US employment stats and the Jackson Hole event to gauge future FX trends. Market News points to continued dollar strength, with EUR/USD under pressure at key support levels in the near term.

Daily Chart

The daily chart shows EURUSD continuing its oscillating trend since early 2026, maintaining a range roughly between 1.1550 and 1.1750. The Bollinger Bands are narrowing, signaling decreased volatility. The 50-day and 200-day moving averages are approaching a golden cross formation, potentially signaling a bullish turn. The MACD histogram reflects fluctuating momentum without clear directional bias, warranting a close watch for breakout confirmation.

1H Chart

On the hourly chart covering the past five days, EURUSD shows signs of a mild rebound after bottoming around 1.1600. Prices have bounced off the lower Bollinger Band and are supported by the 20-period moving average, yet the MACD remains weak, indicating momentum is still recovering. The short-term price action is consolidating between 1.1600 and 1.1650, forming a clear battleground for near-term direction.

Technical Trend:  EURUSD is currently in a cautious consolidation phase with a mild bullish bias, best described as “cautiously bullish.”

Technically, the daily chart’s potential golden cross points toward strengthening bullish momentum, although confirmation is pending. The hourly chart reveals that price is forming a base near key support and Bollinger Bands suggest a consolidation phase. MACD remains below zero but is flatlining, indicating momentum is at a crossroads. Watching for a breakout above the daily resistance at 1.1710 or a failure to hold support at 1.1578, especially if accompanied by volume spikes, would offer clearer directional signals.

Today’s GMT+1 economic calendar includes China’s August Consumer Price Index and Producer Price Index at 03:30, which have limited direct impact on EURUSD given the pair’s sensitivity to US data and Fed policy. Notably, the European Central Bank President will speak at 19:00, a key event that could heighten short-term volatility depending on the policy tone. Overall, no major direct economic releases are scheduled today, so market moves may be driven by anticipation ahead of US data later this week.

Resistance & Support

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