EURUSD Technical Analysis: Bullish Momentum Building
Key Points:
- Bullish Technical Outlook: EURUSD exhibiting bullish signs, holding above 1.08 support.
- Progress to 1.11 Target: The market advancing towards the previously forecasted 1.11 target.
- 1.11 Level Crucial: Reaction around 1.11 key for determining next move, potential to extend to 1.12.
- Bearish Scenario: A break below 1.08 could invalidate a bullish outlook.
- Fundamental Factors: Upcoming FOMC statement to impact USD, affecting EURUSD direction.
- Combining Analyses: Technical and Fundamental Points of FOMC suggest an upward movement.
Bullish Momentum Continues, 1.11 TargetEUR Forecast: Right Time for Rally in EUR/USD. The EURUSD currency pair is showing signs of a potential bullish move in the near term. Last week’s forecast targeted a level of 1.11, and the market has been making progress towards that target. The pair recently tested the support level at 1.08 and has since been climbing higher, indicating a strengthening of the bullish sentiment.
Holding the 1.11 Target our analysis suggests that the current target of 1.11 is still being maintained, and the market’s reaction to this level will be crucial in determining the next course of action. If the price manages to break above 1.11, the target could potentially be extended further towards 1.12. Get FREE Forex Signals on EURSUD
Potential Support at 1.08
However, it is worth noting that the 1.08 level holds significant importance, and a breakdown below this level with a close below it could invalidate the current bullish scenario. Traders should closely monitor the price action around this support level.
EURUSD Fundamental Outlook
Upcoming USD-Focused Events
The fundamental outlook for the EURUSD pair also warrants attention, as there are some important news events scheduled this week, particularly the FOMC statement from the Federal Reserve. This statement is likely to provide insights into the strength of the US dollar, which could have a significant impact on the EURUSD pair’s direction.
Conclusion
In summary, the technical analysis suggests a bullish bias for the EURUSD pair, with the 1.11 level being the key target. However, the fundamental factors, such as the upcoming FOMC statement, could also play a crucial role in shaping the pair’s future movements. Forex market participants should closely monitor the development of these events and adjust their trading strategies accordingly.