EUR/USD Technical Analysis
Andre Legnovski
Senior FX Strategist, Citizen FX
EUR/USD Analysis Summary Today
Overall Trend: Strongly Bullish.
●Today's EUR/USD Support Levels: 1.1490 – 1.1400 – 1.1320.
●Today's EUR/USD Resistance Levels: 1.1620 – 1.1680 – 1.1770.
Chart by Trading View
Based on recent trades, the EUR/USD pair continues to trade within a well-defined ascending channel, which has guided price action over the past few weeks. The EUR/USD pair is currently testing a resistance level near the upper boundary at 1.1540. The currency pair has demonstrated resilience by maintaining its upward trajectory along the lower trendline support of the channel.
Overall, technical analysis reveals that the EUR/USD pair recently approached the top of the channel after bouncing off support levels, indicating sustained upward momentum. However, approaching the resistance level might lead to some profit-taking or consolidation before the next directional movement begins. Fibonacci retracement levels provide key reference points for potential pullback scenarios. Should the EUR/USD pair retrace from its current levels, initial support might appear around the 38.2% retracement level at 1.1532, followed by the more significant 50% level at 1.1502.
A deeper correction could extend towards the 61.8% Fibonacci level at 1.1473, which closely coincides with dynamic support levels.
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