Technical Analysis of EUR/USD

EUR/USD is moving in a sideways trend on the four-hour timeframe. Prices rebounded upward from the 1.1599 level after sweeping the liquidity below it. Prices also succeeded in forming a buying zone around the 1.1616 level and rebounded higher from it. The bullish corrective movement is expected to continue.

Key Economic News

The US Dollar is awaiting employment data, Personal Consumption Expenditures (PCE) data, and unemployment rate data today. These events are expected to affect the movement of the US Dollar and, consequently, the EUR/USD pair.

Liquidity Levels

We expect prices to rise toward the 1.1655 level, followed by the next liquidity level at 1.1665.

The bearish scenario will be invalidated if prices revisit the 1.1599 level.