Saad Ullah
The euro continues to show strength against the dollar, maintaining its position above key support despite recent market turbulence. EUR/USD appears to be gearing up for a potential move toward the 1.1750 zone, with price action suggesting bulls are preparing their next push.
Market watchers are increasingly optimistic about the pair's prospects, with many analysts suggesting the pair might skip a deep correction and instead launch directly toward higher levels. This view aligns with the current technical setup, where support levels are holding firm and buyers seem ready to step in.
EUR/USD Price Analysis: Key Support Levels
EUR/USD currently trades at 1.1687, finding stability after being rejected near short-term resistance. The support zone around 1.1660-1.1670 has proven resilient, with buyers actively defending this area.
Analyst recently emphasized this defensive action, noting how it creates an interesting setup for potential upside.
If support continues to hold, the path to 1.1750 remains open - a level that represents significant liquidity and potential resistance. However, a break below 1.1660 would shift the narrative, potentially sending the pair back toward 1.1620.
What's Next for EUR/USD?
Two scenarios are emerging. Bulls hope for a minor dip into the 1.1660-1.1670 zone before launching toward 1.1750. Strong volume and momentum would validate this upward move.
Bears, meanwhile, watch for any failure at 1.1660. Such a breakdown could trigger selling pressure, dragging the pair toward 1.1600-1.1620.
The market balances technical setups against fundamental factors, including central bank policies from both the ECB and Fed. This tension could spark increased volatility as traders position for the next significant move.
Saad Ullah
