The EURUSD extended its recent uptrend yesterday, briefly pushing to the highest level since October 2021, but the move stalled just above 1.16297, the June high and the high for the year. Today’s price action again approached that high but was unable to break above, turning the market lower and back toward a familiar swing area that has defined recent resistance.
Despite the failure to extend the breakout, the broader trend remains constructive as long as the pair holds above support. Key initial support is now seen between 1.1569 and 1.15783, a zone defined by a series of recent lows and the 100-hour moving average (blue line currently at 1.15499). This swing area has already acted as a launchpad for bullish reversals, and it will remain a key barometer for short-term control.
A break below the 1.1569–1.15783 zone would weaken the bullish bias and open the door toward MA targets at 1.15499 and 1.15367 (100 and 200 hour MAs respectively). Break below them, and the sellers are more in control.
On the upside, a firm push above 1.16297 would likely invite another wave of buying interest and confirm the next leg of the broader uptrend.
Key levels:
Resistance: • 1.16142 - 1.16297 – swing area. and then the high from yesterday at 1.16355
Support: • 1.1569–1.1578 – recent swing low zone • 1.15499 and 1.15367 – 100 and 200 hour MA
Buyers remain in control above 1.1570, but they’ll need a decisive break above 1.16297 to unlock further upside potential.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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