EUR/USD preparing for another correction?
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In general, EURUSD experienced significant volatility last week, approaching the 1.1000 level. It is currently trading at a new high of 1.0945, after reaching 1.0980, marking a 0.11% increase for the day. So, what are the reasons and factors driving the price increase of this currency pair?
Regarding influencing factors: EURUSD is currently undergoing sideways movement in the context of a stable US dollar and a moderate risk sentiment. Traders are cautious about placing new bets on the major currency before the release of US CPI data on Tuesday.
As for the new outlook for EURUSD: On the hourly chart (8 hours), EUR/USD shows signs of forming a cup and handle pattern. Therefore, it would not be surprising for me to set a resistance level at 1.1000. Breaking above this level would lead to a significant price increase, while being rejected below this price level would result in a price decrease. It is expected that the price will adjust and decrease towards the EMA 34,89 area. Although the general trend is still increasing.
In general, EURUSD experienced significant volatility last week, approaching the 1.1000 level. It is currently trading at a new high of 1.0945, after reaching 1.0980, marking a 0.11% increase for the day. So, what are the reasons and factors driving the price increase of this currency pair?
Regarding influencing factors: EURUSD is currently undergoing sideways movement in the context of a stable US dollar and a moderate risk sentiment. Traders are cautious about placing new bets on the major currency before the release of US CPI data on Tuesday.
As for the new outlook for EURUSD: On the hourly chart (8 hours), EUR/USD shows signs of forming a cup and handle pattern. Therefore, it would not be surprising for me to set a resistance level at 1.1000. Breaking above this level would lead to a significant price increase, while being rejected below this price level would result in a price decrease. It is expected that the price will adjust and decrease towards the EMA 34,89 area. Although the general trend is still increasing.
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