The EURUSD is pushing higher again and now approaches a key resistance area between 1.1193 and 1.1213 — a zone that has capped rallies multiple times in the past, including three peaks in July and August 2024. The high price has reached 1.11823.
Adding weight to the topside test is the 200-bar moving average on the 4-hour chart, currently sitting near 1.1209, right in the heart of the resistance zone. The 100-hour moving average is also in play and in that area at 1.12101 (not shown on the chart above). A clean break above this cluster would strengthen the bullish case and open the door for further upside momentum. Conversely it could also be a level where sellers may look to lean with a stop on a break above. As such it is important for both buyers and sellers.
On the downside, the closest support comes in at 1.11452, which previously acted as a swing high in early April and is now a short-term line in the sand for buyers. Holding above it keeps the bullish structure intact. A break below would shift the focus back toward the 38.2% retracement of the January–April rally at 1.10395, and further to the 1.1000 natural support level. Yesterday the low price after the fall on the China US tariff news reached 1.1065 – well short of that 38.2% retracement target
Key technical levels:
Resistance: 1.1193–1.1213 (swing zone), 1.1209 (200-bar MA), 1.1210 (100 hour moving average)
Support: 1.11452 (near-term swing), 1.1065 (low from yesterday, 1.10395 (38.2% retracement of move up from the January 2025 low), 1.1000 (natural support)
Bias: Buyers make a play but work to do. Modest bullish bias while above 1.11452; but stronger upside if 1.1213 breaks
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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