Forex Chart Of The Day: EURUSD Will The Bullish Run Continue?

The price of EURUSD moved higher by over 450 pips last week which is almost 3 times above the average range. Will the price continue in line with this move or will we see a pullback this week? 

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EURUSD Analysis

Fundamental Analysis

The US CPI figures softened last week leading to investors selling the USD causing the EURUSD price to rally. This data almost confirms that the Federal Reserve will slow the pace of tightening in the December meeting. This combined with news that the ECB could continue to hike rates by 75-50 bps in the next meeting could see the EUR remains strong. 

Technical Analysis

The price has traded through the major bearish channel resistance and has climbed to the key monthly lows of 1.0350. Last week’s move could see some profit taking this week which could offer short term reversal opportunities at these key resistance levels. However, the USD is likely to remain weak so any sell offs in the market may be met by strong buyers. If the price trades through 1.0350 buyers may add to current positions with 1.0600 being the next target. Alternatively, if the H4 chart shows the price changing trend we could see a short term reversal back to recent highs of 1.0100.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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