The EUR/USD currency pair is currently trading at the upper end of its recent range, reflecting a cautious optimism among buyers. Note that recently EUR/USD made an intraday high close to 1.1440 which is where it formed a top and later reversed. Despite this upward movement, the pair continues to see-saw around a flat 20 Simple Moving Average (SMA), indicating a lack of strong directional momentum in the near term.
As of the latest trading session, EUR/USD holds near the 1.1440 mark, which serves as a critical reference point for traders. The pair is now well above the 20 SMA. What’s more, it is building higher low support at ~1.1330, adding to the bullish picture. Despite these favorable conditions, EUR/USD has yet to confirm a clear bullish breakout, leaving traders to question whether sustained upward movement is on the horizon.
From a technical perspective, the daily chart indicates that EUR/USD likely has room to continue gaining ground. The dominant trend for the pair is bullish. It has been observed that the lack of directional momentum may hinder immediate advances. Observers note that while buyers maintain control over EUR/USD, the absence of strong momentum raises concerns about the sustainability of current price levels.
The resistance levels for EUR/USD are solid at 1.1440, 1.1465, and 1.1490. Support levels are firm at 1.1385, 1.1340, and 1.1310. Resistance remains stubborn at 1.1450, 1.1490, and 1.1525. These levels will be pivotal as traders gauge the next moves within this trading environment. The pressure on weekly highs indicates that buyers are keen to push higher, yet they need a compelling reason, such as positive economic data or shifts in market sentiment, to drive significant price increases.