Saad Ullah
The euro-dollar pair is back in the spotlight, trading around 1.1700 after another volatile session. This level has become a crucial battleground where bulls and bears are testing each other's resolve. The question on everyone's mind: will we see another push higher, or is a deeper pullback brewing?
Daily Chart Reveals Key Battle Zones
Recent market analysis from 𝐋𝐞𝐦𝐚𝐲𝐢𝐚𝐧 shows EUR/USD caught in a significant range on the daily timeframe. The pair has been finding solid support around 1.1650 while repeatedly hitting a wall near 1.1850-1.1900. This creates a clear trading range where the current 1.1700 level sits right in the middle of the action.
The rejection from 1.1900 followed by the retreat to current levels tells us that sellers are still defending the highs. But here's the thing – buyers keep stepping in on dips, creating this ongoing tug-of-war that's keeping traders on their toes.
Technical Picture: What the Charts Tell Us
Key levels to watch:
- Support: 1.1650 (break below targets 1.1550)
- Resistance: 1.1850-1.1900 (multiple rejection zone)
- Current battleground: 1.1700 consolidation area
The candlestick patterns near the highs show clear profit-taking and momentum fading. Yet every dip gets bought, suggesting there's still appetite for euros despite the challenging macro backdrop.
Fundamental Forces at Play
The bigger picture shows the ECB maintaining its dovish stance with potential rate cuts to combat weak European growth. Meanwhile, the dollar continues benefiting from resilient U.S. economic data and safe-haven demand. This fundamental backdrop explains why EUR/USD struggles to break decisively higher.
Saad Ullah
