EURUSD Technical Overview

EURUSD is currently moving within a clear range, hovering around the resistance areas between 1.1265 and 1.1275. This level has consistently thwarted upward moves. Just yesterday, buyers attempted to push through, reaching 1.1280, but they couldn’t maintain that position, leading to a dip in the pair’s value.

Even with this pullback, the declines seem limited. Today’s lowest point found support near the key moving averages—with the 100-hour MA at 1.1207 and the 200-hour MA around 1.1199. If the price continues to stay below these levels, it could shift the bias more toward sellers, potentially testing support at 1.1145, which marks last week’s low, or even 1.1064.

On the flip side, as long as the pair trades above the 100/200-hour moving averages, buyers still have a chance. To regain more control, EURUSD needs to break convincingly above the 1.1265–1.1275 resistance zone and surpass yesterday’s high of 1.1280. Doing so could lead to further gains towards the 1.1344 area, which corresponds to a trend line.

At this point, the short-term outlook is modestly bullish above the main moving averages; however, a decisive breakout is still essential.

Key Levels

• Resistance:
  • 1.1265–1.1275 (Critical upper limit)
  • 1.1280 (Recent swing high since May 19)
  • 1.1344 (Trend line)
  • 1.1402 (Next extended target)
• Support:
  • 1.1145 (Last week’s low)
  • 1.1064

Bias:

Just a quick reminder: the highest price for EURUSD this year was 1.12754. The 61.8% retracement level from the range since the 2022 high is at 1.1271. The day’s high hit 1.1277 before pulling back, which adds significance to this range.