Recent price action in the EUR/USD suggests that the uptrend may be losing momentum, indicating a potential slowdown in its upward movement. However, it's worth noting that we should not entirely dismiss the possibility of the currency pair making one final bullish push towards our core target of 1.1100/1.1150 before any major retracements take place.
In fact, recent market activity seems to have confirmed our initial analysis, as the price action yesterday experienced a retracement to the 61.8% retracement level, which was perfectly in line with our earlier forecasts. After briefly dipping to this level, the price resumed its upward movement, supporting our view that the bullish trend remains intact for now.
Taking these factors into account, our overall outlook on the EUR/USD remains bullish, with a target of 1.1100 in the near future. However, we will continue to monitor any changes in market conditions and reassess our position accordingly.
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✅ Yesterday Idea
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During a slow start to the important week, EUR/USD bulls maintained control and pushed the currency pair to a new intraday high of 1.1040, representing a 0.15% increase heading into the European session on Monday. The recent upward momentum of the Euro may be attributed to comments from a European Central Bank (ECB) official, which were perceived as hawkish, as well as mixed sentiment that resulted in broad weakness for the US Dollar.