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>>EUR/USD outlook: climbs to a new monthly peak near 1.1700 as bulls seize control

EUR/USD outlook: climbs to a new monthly peak near 1.1700 as bulls seize control

crypthub

about 7 hours ago

Market Surge

The EUR/USD pair broke to a fresh monthly high near 1.1700, its strongest level in four weeks. The rally was sparked by shifting dynamics between the Eurozone and U.S. economies, drawing wide attention from traders. Market participants now watch whether this momentum can hold through the week’s close.

Technical Outlook

The pair slipped above the 50‑day moving average at 1.1650, which now acts as support, while the RSI sits at 62, indicating solid buying pressure without being overbought. Key resistance lies at 1.1720, with a secondary barrier at 1.1750, the late‑September swing high. MACD, trendline break, and an 18% rise in breakout volume all point to further upside potential.

Fundamental Drivers

Euro strength is underpinned by a hawkish ECB stance and slightly higher‑than‑expected Eurozone inflation, limiting expectations for rate cuts. U.S. data showed mixed signals, softening the Fed’s rate‑hike outlook and narrowing the interest‑rate differential by about 15 basis points. Hedge funds cut net short Euro positions by 22%, adding to the bullish bias.

Risks & Outlook

Potential headwinds include stronger U.S. economic releases, renewed Fed hawkishness, or geopolitical shocks in Eastern Europe. Short‑term overbought signals on lower timeframes could trigger a pullback, and a dip in European equities may pressure the Euro. Nonetheless, analysts remain cautiously optimistic, watching upcoming PMI, retail sales, and central‑bank commentary for cues.