The technical outlook and the strength of the demand side on the main currency pair looks interesting. Last week’s speeches of representatives of both Central Banks, both the United States and the Eurozone, indicated that the markets now value the rapid reduction of interest rates in the United States more strongly than in Europe. This resulted in a rapid strengthening of the Euro against the American currency.
Looking at the daily chart, one can see that the upper edge of the downward channel is under attack. This is the second such dynamic growth impulse since the beginning of June. After breaking the channel, it seems that the price should rise in the direction of 1.1450, i.e. the maximum at the end of March. If you look at the charts in a higher time scale, you can also get an impression of a significant strength of the demand side at the moment.