EUR/USD Forecast: Uptrend Holds Near 1.1640 Ahead of ECB
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EUR/USD is consolidating near 1.1640, a two-week high, as the pair trades back above its 200-day moving average ahead of Thursday's ECB decision. This reclaim of the long-term trendline signals underlying bullish momentum has returned after weeks of choppy price action.
The immediate forecast hinges on 1.1604 holding as short-term support. A clean break below that level would invalidate the current uptrend structure and open the door to a retest of lower demand zones, while a hold keeps the path clear toward fresh cycle highs.
Options markets and futures positioning suggest traders are leaning long into the announcement, but volatility around the release could produce sharp two-way swings regardless of the eventual policy outcome.