EURUSD is experiencing a strong recovery after testing the 1.16600 support level. The chart shows price moving within an ascending channel, continuing to form higher highs and higher lows, with the near-term target at 1.18000 and further at 1.18600. Buying pressure has returned as the price failed to break below the 1.16600 support, driving the uptrend momentum.
In terms of news, although U.S. Core Retail Sales came in weaker than expected (0.3% vs 0.5%), indicating slower consumer spending, this provides an opportunity for EURUSD to rise. However, the overall sentiment remains tilted toward a weaker USD, which supports the uptrend for EURUSD.
If price continues to hold above 1.16600 and breaks through 1.18000, EURUSD could continue its upward momentum towards higher levels. However, if the price breaks the 1.16600 support, the uptrend will be at risk.
In terms of news, although U.S. Core Retail Sales came in weaker than expected (0.3% vs 0.5%), indicating slower consumer spending, this provides an opportunity for EURUSD to rise. However, the overall sentiment remains tilted toward a weaker USD, which supports the uptrend for EURUSD.
If price continues to hold above 1.16600 and breaks through 1.18000, EURUSD could continue its upward momentum towards higher levels. However, if the price breaks the 1.16600 support, the uptrend will be at risk.
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Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
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📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.