Current Trend: The EUR/USD pair is currently in an uptrend on the daily chart. It has been steadily gaining ground, supported by a combination of factors including weaker US dollar sentiment and positive economic condition from the EU.
Key Technical Level: 1.1033
1st Scenario:Continuation of Up Trend in Wave 3:
If the EUR/USD pair can break above the 1.1033 level and stay above it, it could continue its upward momentum, potentially targeting the 1.1275 or even 1.1422 level to complete the wave iii of wave 3
2nd Scenario: Ending a correction as Wave ( b of 2 ) around 1.1139.
If the EUR/USD pair goes and stays below the 1.1033 level and if the USD starts to get strong and bounce from the support it is sitting on then EUR-USD will drop below 1.1033 to the downside first target of 1.0635 or even lower levels.
- Market Volatility: The upcoming week could see increased market volatility due to various economic releases and geopolitical events. Traders should be prepared to adjust their positions accordingly.
- Key Factors to Watch:
- US Economic Data: The release of US economic data, such as the Non-Farm Payrolls report, could significantly impact the US dollar and, consequently, the EUR/USD pair.
- EU Economic Data: Positive economic data from the EU could further support the EUR.
- Geopolitical Events: Any major geopolitical developments could influence risk sentiment and impact the EUR/USD pair.
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