EUR/USD is a currency pair comprising the single currency of the European Union, the euro (symbol €, code EUR) and the US dollar (symbol $, code USD). The exchange rate of the pair indicates how many euros are needed to buy one dollar. For example, when EUR/USD trades at 1.2, it means that 1 euro is equal to 1.2 dollars. Why EUR/USD is the most popular trading pair Compared to all tradable currencies, the Euro (EUR) is the second most traded currency in the world.
Read this term extended to a new high and entered further into the trading range extending into April and early May (area above 1.0900).

Yesterday, the pair moved sharply higher, moving away from the 50% midpoint of the move down from the April 26 high to the May 31 low. This level reached 1.0865.

The upside took the price above the key swing target area between 1.0933 and 1.0942, but momentum slowed in the close.

Today, the pair rotated lower at the start of the Asian session while retesting the low of the swing area at 1.0933. The price low today reached 1.09331 – right at the low of the swing area and bounced higher. In early US trading today, the price extended to a fresh high of 1.0970. However, hawkish comments from Fed Waller pushed the pair back lower. The price is currently trading at 1.0948 as I write.

From a technical perspective, buyers still remain firmly in control. A move below 1.09332 would take, giving sellers some confidence/satisfaction. They lack that and they don’t win. A more conservative risk may be at 1.09193 and up to the 1.0900 area (see red numbered circles in chart below).

On the upside, another key target is around natural resistance at 1.1000.

During the trading week, the price rose/trended higher. The low was near the 100 bar MA on the 4-hour chart (at 1.0724) on Monday. The high reached 1.0970 (246 pips). The gain of 1.90% is the biggest weekly move since the week of November 7, 2022.