EUR/USD Technical Analysis – H1
EUR/USD held its uptrend on Friday after soft U.S. jobs data weakened the dollar, yet the move lacks conviction. Bulls may still push toward 1.1600 before a more meaningful correction sets in.
EUR/USD preserved its upward trend on Friday, supported by weak U.S. labor market data and the subsequent sharp decline in the dollar. However, the structure of the uptrend remains highly fragile: local highs are being updated only marginally and carry a largely symbolic character. Bulls may still anticipate one additional extreme near the 1.1600 zone, but little beyond that appears realistic.
Key Levels:
□ 1.1600
□ 1.1650
Primary Scenario:
Rise toward 1.1600, followed by a shift into corrective decline.
Alternative Scenario:
Break above 1.1600 with further upside potential toward 1.1650.
Analyst Commentary:
Initiating new long positions on such a “tired” trend would be a high-risk approach. Selling against the prevailing trend carries similar risks.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.