FX.co ★ Noahh | EUR/USD

EURUSD Trend Outlook: Our analysis is currently dissecting the EUR/ USD currency pair's current price performance. I don't foresee upward momentum and remain skeptical of the current rise, opting to sell toward the support level of 1.16257. However, I plan to wait for a pullback to 1.18156 before closing my position. My expectation for a rollback to 1.16257 is likely due to the lack of fundamental or technical justification for the current growth. Despite a friend's prediction of further gains, which I found hard to believe, the pair has continued to rise. There's an attempt to achieve rapid gains across significant currency pairs, likely aiming to reclaim positions before the following news round. The EUR/USD continues its upward trend, and based on the observed volume, a slight drop could lead to further gains. However, the price has yet to reach my target levels.

Ensure you have placed a stop order on your EUR/USD sales to manage potential risks effectively. I'm analyzing the EUR/USD pair on the 4-hour chart. Following the release of inflation data, which showed a minor decrease of 0.1%, it's evident that inflation remains stagnant, offering little reason to expect continued growth in the pair. Before this data, there was a brief surge that updated previous highs. However, after the slight rollback, the pair resumed its upward movement, which is unsupported and indicates an overbought market. I anticipate a correction, expecting the pair to decline, at the very least, to around 1.18688. That would serve as a corrective pullback rather than a sign of sustained growth.