Alex Dudov
EUR/USD is extending its upward structure after a strong rebound from recent lows, with price action holding firmly above a critical support level. According to Elliottwave Forecast, the current Elliott Wave structure favors further upside toward 1.1670–1.1812 as long as this week's low at 1.1442 remains intact.
The 1.1442 Turning Point That Defined the EURUSD Trend
The chart shows EUR/USD bottoming near the 1.1440–1.1450 region, which now serves as the key invalidation level for the entire bullish setup. From this point, price reversed sharply and began forming a sequence of higher highs and higher lows - signaling a clear shift in short-term trend direction.
This move aligns with the Elliott Wave structure visible on the chart, where the prior decline appears to have completed a corrective phase before transitioning into a new upward sequence. The impulsive character of the rebound suggests this is strengthening bullish momentum rather than just a temporary bounce.
A Shallow Pullback That Kept the Bullish Structure Intact
Following the initial advance, EUR/USD experienced a modest pullback that held comfortably above 1.1442. This type of shallow retracement is exactly what you want to see in a developing uptrend - corrections stay contained and fail to disrupt the broader structure.
Buyers are maintaining control, with each dip finding support well above the invalidation zone - a hallmark of a trend that still has room to run
Price has since resumed higher, approaching the 1.1600 area and continuing to build on the sequence of higher lows. A related bullish setup is explored in EUR/USD Liquidity-Driven Rally Analysis, where EUR/USD breaks resistance and confirms bullish momentum through a similar lens.
EURUSD Targets 1.1670–1.1812 as Momentum Builds
The projected target zone between 1.1670 and 1.1812 remains the next area of interest. Price is advancing toward this region with steady momentum - there are no clear signs of decisive rejection at current levels, which keeps the bullish case alive.
The structure remains pointed higher, with 1.1670 as the near-term magnet and 1.1812 representing the upper end of the projected move
That broader upside framing fits well with recent coverage, including EUR/USD Forecast: ING Targets 1.22 Level by Year-End and EUR/USD Tests 1.1760 Weekly High as Daily Chart Shows Key Decision Zone, both of which discuss higher EUR/USD levels and bullish continuation scenarios.
As long as EUR/USD holds above 1.1442, the structure shown on the chart remains intact - leaving the pair biased toward further gains rather than a bearish reversal.
Alex Dudov
