FX.co ★ Cookiess | EUR/USD

EURUSD Market Analysis: The debate surrounding the price movement of the EUR/USD pair continues, with several factors intertwined. It is difficult to find compelling reasons to buy this pair. The expected pullback to 1.16257 did not materialize, and instead the price rose slightly 25 pips from the open. Given the current low market volatility, this rise is noteworthy. However, given the current situation, I will remain neutral and observe the market for the long term. I will wait for a correction to the sloping support level before considering a buy. On the other hand, selling at the current price is not an option unless the resistance level of 1.17547 is broken. Analyzing the 1-hour chart, I found several indicators that suggest a potential buy. First, the price is above the 200-day moving average, indicating bullish momentum.

Second, the pair traded above the previous day's open price in the latter half of the session and closed at a high. Third, the market is trading near the upper limit of the Bollinger Bands, further strengthening the bullish bias. Finally, we are using the Relative Strength Index (RSI) to avoid overbought and oversold trades. Currently, the RSI is indicating a buy opportunity. Our target is to set the Fibonacci retracement level at 211%, which corresponds to a price of 1.17357. Further profits may be possible by following subsequent Fibonacci levels. With few major economic indicators being released this week, the market may remain range-bound until major US economic indicators are released on Friday. Therefore, we expect limited movement in the EUR/USD pair.