EUR/USD has broken above the downtrend line starting from December 29, although Euro bulls have not yet fully embraced this move.

The psychological resistance at 1.09 continues to be challenging to breach but is currently in close proximity to the market. Despite this, the overall upward channel from April 15 remains intact, with its upper boundary at 1.08931 currently holding back bullish momentum. The lower boundary is not expected until 1.07500, and EUR/USD has not revisited that level since May 9.

Should the single currency maintain its trading range observed between March 6 and March 21, further upward momentum may be in store. This range is defined by the low of March 7 at 1.08647 and the intraday peak of March 8 at 1.09847.

EUR/USD TECHNICAL ANALYSIS

May 21 2024

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