Analysis EURUSD

EUR/USD Shows Promising Start to the Week, Eyes 1.0930 Monthly High

EUR/USD Shows Promising Start to the Week, Eyes 1.0930 Monthly High

Introduction:

The EUR/USD has had a promising start to the week and has extended its bullish move. The pair has broken above the key resistance level of 1.0800 and is expected to continue its upward trend. In this article, we will examine the current market sentiment and technical analysis for EUR/USD and discuss the potential future movements of the currency pair.

Market Sentiment:

The market sentiment for EUR/USD is currently bullish. The positive outlook is due to the recent economic data releases from the Eurozone and the United States. The Eurozone’s economic data has been better than expected, while the US economic data has been mixed. This has led to an increase in demand for the Euro, which has resulted in the upward movement of EUR/USD.

Technical Analysis:

According to the technical analysis, the EUR/USD pair could now set sail to the March peak at 1.0929, followed by a potential test of the 2023 high at 1.1032. The continuation of the bullish move is favored for the time being, and further gains could see the monthly high near 1.0930 revisited.

Furthermore, the constructive view remains unchanged while above the 200-day SMA, today at 1.0335. This means that as long as the pair stays above this level, the bullish sentiment is likely to continue.

Conclusion:

In conclusion, the EUR/USD pair has had a promising start to the week, and the market sentiment is currently bullish. The technical analysis suggests that the pair could now set sail to the March peak at 1.0929, followed by a potential test of the 2023 high at 1.1032. The bullish sentiment is likely to continue as long as the pair stays above the 200-day SMA, today at 1.0335.

Overall, traders and investors should keep a close eye on the economic data releases from the Eurozone and the United States to gauge the future movements of the currency pair. In the short term, the EUR/USD pair is expected to continue its upward trend, but in the long term, any major changes in economic policies or geopolitical events could impact the market sentiment and the movements of the currency pair.

Author
Mark Klocke is a renowned author and financial analyst, specializing in forex trading. He is a regular contributor to Livemarkets.com, where he provides insightful analysis and commentary on various forex pairs. With years of experience in the financial industry, Mark has developed a keen eye for identifying market trends and predicting their impact on currency movements. His analysis is widely respected in the forex community and has helped traders make informed decisions about their investments. Mark is also a sought-after speaker at financial conferences and events, where he shares his expertise and insights with industry professionals.