Usman Salis
The euro's holding its ground against the dollar, and the charts are telling a pretty clear story. We're seeing a classic range play developing, with buyers gearing up for what looks like another push higher. The technical setup suggests we're about to test some key levels that could determine where this pair heads next.
Market Forces at Play
The dollar's been softening lately as traders bet on cooler inflation numbers and potential Fed rate cuts down the road. Meanwhile, the ECB's been playing it cautious but steady, which is giving the euro some decent support. The technical picture backs this up too - when you see clean breaks above resistance like we did with that buy-side liquidity sweep, it usually means the momentum is real. As @Ib_Forex01 noted, the bias definitely favors testing that range high before any meaningful pullback happens.
If EUR/USD can close convincingly above 1.1760, we're probably looking at a run toward 1.1830 in the near term. But if it can't hold above 1.1700, that bullish structure starts to look shaky and we might see a slide back to 1.1650. Right now though, everything's pointing toward at least one more test of those highs before any serious correction kicks in.
The euro looks ready to make another move higher against the dollar, with 1.1760 as the immediate target. A clean break there opens up the path to 1.1830 and keeps the bullish story intact for now.
Chart Breakdown
EUR/USD is currently sitting at 1.1745 after a solid recovery run. The pair swept through some liquidity around 1.1685, bounced off a fair value gap, and now it's eyeing the range high at 1.1760. If bulls can push through that level, the next major target sits at 1.1830. The downside support is holding at 1.1700, which has been acting as a solid floor recently. What's interesting is how cleanly the price broke above previous buy-side liquidity levels - that's usually a good sign that buyers are still running the show.
Usman Salis
