The euro continues its upside correction, pushing toward the psychological resistance at 1.1800, driven by sustained USD weakness and improving risk sentiment ahead of the ECB and Fed events this week.
Markets are positioning cautiously before key US economic data and Powell’s speech. The dollar remains under pressure amid declining yields and expectations the Fed may adopt a more dovish tone if growth shows further signs of moderation.
Technically, EUR/USD has broken above previous supply zones and is filling fair value gaps (FVGs) on its way up. Price is now testing the upper boundary of the FVG at 1.1780–1.1800. Several demand FVGs below (1.1700, 1.1650, 1.1600) are providing strong bullish structure support. Volume spikes on the recent breakout suggest institutional interest.
Key levels to watch:
Resistance: 1.1800, 1.1850
Support: 1.1720, 1.1650, 1.1600
The short-term bias remains bullish. A clean breakout above 1.1800 could open room toward 1.1850–1.1900. Failure to hold above 1.1750 may trigger a retest of lower FVG zones, but broader trend favors buyers.
Markets are positioning cautiously before key US economic data and Powell’s speech. The dollar remains under pressure amid declining yields and expectations the Fed may adopt a more dovish tone if growth shows further signs of moderation.
Technically, EUR/USD has broken above previous supply zones and is filling fair value gaps (FVGs) on its way up. Price is now testing the upper boundary of the FVG at 1.1780–1.1800. Several demand FVGs below (1.1700, 1.1650, 1.1600) are providing strong bullish structure support. Volume spikes on the recent breakout suggest institutional interest.
Key levels to watch:
Resistance: 1.1800, 1.1850
Support: 1.1720, 1.1650, 1.1600
The short-term bias remains bullish. A clean breakout above 1.1800 could open room toward 1.1850–1.1900. Failure to hold above 1.1750 may trigger a retest of lower FVG zones, but broader trend favors buyers.
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