Saad Ullah
The EUR/USD pair is currently in a pivotal position as traders watch for signs of a potential breakout above key resistance levels. With the euro showing resilience against the dollar and maintaining crucial support zones, market participants are closely monitoring technical indicators that could signal the next directional move for this major currency pair.
EUR/USD Price Holds Strong Momentum
The EUR/USD pair is sitting in a crucial spot right now, with bulls pushing against the 1.1725 resistance while the price hovers around 1.1711. The setup looks promising for buyers, especially with the rising moving average providing solid backing.
Trader pointed out that euro buyers are staying strong above the 1.1680-1.1700 area, showing they're confident about a potential breakout. His analysis emphasizes that holding support around 1.1648 is key for any further upward movement.
Key EUR/USD Price Levels
- Resistance: 1.1725 – Breaking through here could spark a rally to 1.1750-1.1760.
- Support: 1.1648 – This critical level has been holding up well in recent trading sessions.
- Trend bias: Looking bullish as long as the pair stays above 1.1680 and respects the hourly moving average.
The price action shows buyers are protecting higher lows while sellers can't seem to push things down. This kind of sideways action often happens right before a big move.
Euro Outlook Against the Dollar
Looking at the bigger picture, the euro is still very sensitive to what the ECB says about future policy and any U.S. economic data, especially inflation numbers and Fed commentary on rates. A stronger dollar could put a temporary lid on gains, but the technical picture still favors euro strength.
As long as EUR/USD stays above 1.1648, analysts expect more attempts at breaking higher, with 1.1750 as the next target. If that level breaks, it would confirm the bullish momentum and could open up even higher levels as we head into September.
Saad Ullah
