EUR/USD Technical analysis

Source: Dukascopy Bank SA
The EUR/USD currency pair is currently trading above its short-term simple moving averages (SMAs), indicating positive momentum in the near term. This suggests that buyers have gained control and the pair is experiencing upward pressure. A key resistance level to watch is at 1.16300. If the pair manages to break and sustain above this level, it would likely signal a continuation of the bullish trend.



Breaking the 1.16300 resistance would also transform this level into a new support, providing a stronger foundation for the next phase of price expansion. This sets the stage for the EUR/USD to target higher levels, with 1.19000 emerging as the next major resistance zone. This level is significant as it represents a psychological and technical barrier where traders may take profits or reassess positions. In summary, the current price action above short-term SMAs combined with a break above 1.16300 could propel the EUR/USD higher, potentially reaching the 1.19000 mark in the coming sessions. Traders should monitor volume and momentum indicators to confirm the strength of the breakout and watch for any retracements that may offer buying opportunities near the new support level.
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