FX.co ★ EUR/USD

EURUSD Daily Chart Analysis: Today, we will talk about the price movement analysis of the EUR/USD currency pair. Keeping an eye on the evolution of a candle analysis centered on the current price action trading technique is crucial, especially when it comes to the hourly chart. Here, the trend is continuing higher, and the inner bar is performing well with a pending order from its upper boundary. It is currently very close to the hourly chart's crucial psychological resistance mark of 1.12029. Over longer time periods, this region serves as a major resistance zone, perhaps causing a decline. Technically speaking, the instrument runs into psychological resistance that might trigger the double-top pattern and cause a significant negative correction inside the general upswing. The recent increase in major currencies and the concurrent market depreciation of the dollar baffle me. Although the producer price index (PPI) was negative, it is not a crucial indicator in this situation. News releases coincided with the movement, which took place in a peaceful market. Bloomberg reports that there is conjecture that investors are being urged to sell the dollar before the release of the next U.S. inflation statistics. Even while volumes are still low and the rise seems out of the ordinary, the PPI's fall may be explained by the fact that these numbers relate to the following period rather than the ones that are expected tomorrow. On the daily EURUSD chart, the 1.11809 level (rotation reversal 6/8) is crucial. There seems to be a second effort to overcome it. The next objective would be 1.13029 (stop reversal 7/8), as shown in the chart below, if today's session ends above 1.11809 and this level becomes support. Alternatively, closing below 1.11809 may lead to a resurgence of selling, albeit this isn't happening right now.