EURUSD is trading near 1.1630, consolidating after slipping below its ascending trendline and the 1.1640–1.1690 resistance area. On the daily chart, the pair remains under the 50-day SMA, showing short-term bearish pressure. Still, it’s holding above the 200-day SMA, suggesting the broader structure hasn’t fully turned negative yet.
The 1.1555–1.1550 zone now acts as a key line in the sand a level that, if broken, could trigger a deeper correction toward 1.1400. On the other hand, reclaiming 1.1690 would shift momentum back toward the upside, potentially paving the way for another retest of the 1.1900 handle.
Zooming out to the weekly chart, EURUSD continues to respect its larger bullish structure. The pair is still trading well above the 200-week SMA and a strong historical support range between 1.1350–1.1400. This zone has served as a major floor for multiple reversals over the past year, keeping the medium-term outlook constructive.
Fundamentally, the euro remains weighed by uneven Eurozone data and cautious ECB tone, while the U.S. dollar benefits from resilient economic numbers and risk-off flows. These macro themes explain why short-term rallies are struggling to extend, but also why the broader uptrend hasn’t completely broken down.
My Takeaway:
EURUSD is under short-term pressure but still structurally sound on higher timeframes. As long as 1.1550 holds, the broader bullish trend remains alive. A close above 1.1690 could mark the start of another leg higher, while a decisive break below 1.1550 flips the tone bearish toward 1.1400.