Technical Analysis of EUR/USD

The EUR/USD pair is moving in a sideways range on the four-hour timeframe. Prices rebounded higher from the 1.1599 level after sweeping the liquidity below it. Prices have successfully formed a buying zone around the 1.1616 level, and they are expected to rebound higher from this area to continue the bullish corrective movement.

Key Economic News

The US Dollar is awaiting the release of the US Initial Jobless Claims data today, which is expected to affect the movement of the US Dollar and, consequently, the EUR/USD pair.

Liquidity Levels

We expect prices to rise and target 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.