EURUSD has just completed a technical rebound toward the 1.16100 resistance zone, which has previously rejected price multiple times. The current structure suggests a mild reversal, with a potential pullback toward 1.15378. A break below this support could extend the decline toward 1.14600.
Recent upside momentum came mainly from temporary USD weakness, but the greenback remains supported by expectations that the Fed will keep interest rates elevated, while Eurozone PMI data continues to disappoint.
In summary, 1.16100 remains a key resistance level. If price shows clear rejection here, EURUSD may be poised for a deeper correction in the short term.
Recent upside momentum came mainly from temporary USD weakness, but the greenback remains supported by expectations that the Fed will keep interest rates elevated, while Eurozone PMI data continues to disappoint.
In summary, 1.16100 remains a key resistance level. If price shows clear rejection here, EURUSD may be poised for a deeper correction in the short term.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.