EUR/USD Technical analysis

Source: Dukascopy Bank SA
The EUR/USD pair has demonstrated strong bullish momentum in recent sessions, pushing towards the key resistance level at 1.14350. After consolidating in the 1.1200–1.1300 range earlier in May, the pair broke higher, reaching its strongest levels in weeks. This upward move has been supported by softer U.S. economic data and a general pullback in the U.S. dollar, allowing the euro to regain ground.

From a technical perspective, the trend remains firmly bullish. The recent price action shows a breakout from a descending channel, indicating a potential continuation of the upward trend. Momentum indicators such as the Relative Strength Index (RSI) and the MACD are confirming this strength. The RSI is approaching overbought territory, suggesting the pair may be due for a short-term consolidation or correction. Meanwhile, the MACD remains in positive territory, supporting the bullish case.



However, the area around 1.14350 is a significant resistance zone. If EUR/USD fails to break and hold above this level, we could see a reversal or correction. The first downside support would come in at around 1.1360–1.1385, followed by a stronger level near 1.1300. Should bearish pressure increase, deeper pullbacks toward 1.1200 and even 1.1100 become more likely. These levels have previously served as strong support during earlier consolidation phases.

On the flip side, a confirmed breakout above 1.14350 could open the door to further gains, with 1.1500 as the next major psychological target. For now, the short-term bias remains bullish, but the pair is approaching a critical technical juncture. A decisive move above or rejection from 1.14350 will likely dictate the next phase of market direction. Traders should watch for confirmation through momentum indicators and price behavior at this level to determine whether EUR/USD can sustain its rally or if a pullback is imminent.
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