EURUSD Pullback Toward 1.178 as Dollar Weakness Builds!Hey Traders,
In today’s trading session, we’re monitoring EURUSD for a potential buying opportunity around the 1.17800 zone.
From a technical standpoint, EURUSD remains in a well-defined uptrend and is currently undergoing a healthy correction, pulling back toward trend support and a key support/resistance confluence at 1.17800. This area has previously attracted strong buyer interest and could act as a launch point for trend continuation.
On the macro side, the US Dollar backdrop remains fragile. Recent developments point toward continued USD weakness, with:
A 25bps Fed rate cut already delivered
Balance sheet expansion resuming, historically bearish for the dollar
Markets increasingly sensitive to incoming US labor market data, which could revive expectations for additional easing ahead
As long as the dollar struggles to regain momentum, the EURUSD upside bias remains intact, with this pullback offering a potential higher-low setup within the broader bullish structure.
Watching closely for price reaction at 1.17800 to confirm buyer participation.
Trade safe,
Joe
