Over the past 24 to 48 hours, the EUR/USD pair has shown steady trading within a narrow band between 1.1866 and 1.1873, slightly above yesterday’s closing price of 1.18722. The Euro remains above the 1.1850 threshold as markets closely watch upcoming Eurozone GDP and US Consumer Price Index (CPI) releases.

Recent US initial jobless claims exceeded expectations at 227,000, putting pressure on the US Dollar Index. This data raised concerns about a potential slowdown in the US economic growth, providing support for the Euro against a weakening Dollar. Moreover, the Euro rebounded after snapping a two-day losing streak as the Greenback struggles to maintain traction.

For the average investor, recent EUR/USD movements highlight contrasting economic challenges faced by the two major economies: softening US labor market signals uncertainty ahead whereas Eurozone’s economic data will be pivotal in shaping near-term price direction. Investors should stay alert with key GDP and CPI data releases on the horizon as these will directly influence forex volatility and future trends. On balance, the latest market news reflects EUR/USD trading in a steady but cautious mode, awaiting critical economic data for clearer guidance.

Daily Chart

The daily chart shows EURUSD maintaining a mild uptrend, with prices comfortably above both the 50-day and 200-day moving averages, indicating sustained bullish momentum. Bollinger Bands are narrowing, signaling lower volatility, while the MACD remains positive and trending upwards, confirming medium-term strength. No major reversal patterns have formed recently, and a breakthrough above 1.19 resistance could mark a continuation of the bullish trend.

1H Chart

The hourly chart over the past 3-5 days illustrates EURUSD consolidating between 1.1850 and 1.1880. Short-term moving averages are slightly bullish, but the MACD shows multiple crosses, reflecting increased momentum shifts. Price repeatedly tests the Bollinger Band midline support. A notable bullish engulfing candlestick recently appeared, suggesting a potential near-term breakout. A move above the 1.1880 resistance in the next 24 hours could trigger further gains.

Technical Trend:  Moderately Bullish

EURUSD exhibits a mild bullish bias, supported by the MACD’s bullish crossovers and a recent bullish engulfing candlestick pattern that hints at upside potential within the next 24 hours. The narrowing Bollinger Bands indicate low volatility, preparing for a possible breakout. Traders should stay alert to upcoming Eurozone GDP and US CPI data releases as these fundamental catalysts may trigger significant price moves aligned with the technical setup.

Today’s key releases include several European metrics at 11:00 GMT+1 such as December trade balance, GDP revision for Q4, and inflation indices. Positive surprises in these figures could strengthen the Euro, directly impacting EURUSD. Later, at 14:30 GMT+1, the US will publish its January core and headline CPI data expected to prompt USD volatility affecting EURUSD. Chinese and Turkish figures today have minimal impact on this pair. The focus remains firmly on Europe and US events.

Resistance & Support

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