EURUSD Technical Analysis Summary

Current Market Situation

The EURUSD currency pair is currently experiencing a tug-of-war between buyers and sellers, with significant technical levels defining the trading range. Buyers are actively defending the support zone between 1.1663 and 1.1691, a critical area that has proven to be a strong floor since April to November 2021.

Support and Resistance Levels

On the downside, the support zone has been tested multiple times this week, with buyers stepping in to prevent further declines. A decisive break below this support would indicate a shift in the short-term bias towards the downside, potentially targeting lower levels such as:

• 1.1614–1.1629 swing area
• 1.1568–1.1578 zone
• 1.15357 (38.2% retracement of the May-to-July move)

Moving Averages as Resistance

On the upside, the pair has approached the 100-hour moving average (currently around 1.1713), where sellers have emerged to cap the momentum. Additionally, the 200-hour moving average (near 1.1745) adds another layer of resistance. The price action remains confined within these well-defined boundaries, indicating a range-bound trading environment.

Outlook

For traders, the current market conditions suggest that until a decisive break occurs either above the moving averages or below the support zone, the EURUSD is likely to continue trading within this established range. A break above the moving averages would shift the bias back in favor of buyers, with potential targets including the yearly high around 1.1827.