EURUSD has been trading sideways, showing minimal price movement around 1.0836, after briefly touching 1.0840 earlier in the session. This comes after a gradual decline of almost 3% since its peak in December at 1.1140.
Today’s trading session started with a slight drop in EURUSD due to weaker sentiment indicators in Europe and mixed GDP data from the United States. These factors have kept the currency pair within familiar levels throughout the week.
On the 1-hour chart, EURUSD is currently finding strong support near the 1.0800 breakout level. A break below this support level could lead to a significant price decline, while holding above it may result in a price increase. There is potential for the price to continue its recovery after an adjustment period and potentially reach the lower boundary of the upward channel.
The technical outlook for EURUSD shows a consolidation phase with support at 1.0800 and potential for further recovery within the upward channel. Traders should monitor price action around these key levels for potential trading opportunities.
