The EURUSD continues to trade within a well-defined range, with price action capped once again at the resistance zone between 1.1265 and 1.1275—a level that has repeatedly stalled upside attempts. Buyers briefly pushed through this zone yesterday, reaching a high at 1.1280, but failed to hold above, and the pair has since rotated lower.
Despite the retreat, the downside remains limited. Today’s low was supported ahead of a key confluence of moving averages, with the 100-hour MA at 1.1207 and the 200-hour MA at 1.1199 acting as the current barometer for downside momentum. A sustained move below these levels would tilt the bias more firmly in favor of sellers, exposing support targets at 1.1145, followed by the low from last week at 1.1064.
On the flip side, buyers still have a chance while the pair holds above the 100/200-hour MAs. To regain broader control, EURUSD would need to break convincingly above the 1.1265–1.1275 resistance zone, and then the swing high from yesterday at 1.1280, to open the door toward 1.1344 area (trend line)
For now, the short-term bias is modestly bullish above the key moving averages, but a directional breakout is still needed.
🔑 Key Levels
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Resistance:
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1.1265–1.1275 (key ceiling)
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1.1280 (swing high from May 19)
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1.1344 (trend line)
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1.1402 (next extension target)
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Support:
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1.1207 (100-hour MA)
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1.1199 (200-hour MA)
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1.1145 (swing level)
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1.1063 (low from last week)
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1.10395 (38.2% retracement)
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📊 Bias:
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Modestly bullish above hourly MAs
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Bearish below 1.1199
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Bullish breakout confirmed above 1.1280
This article was written by Greg Michalowski at www.forexlive.com.
