As EUR/USD breaks further above the upper boundary of a 17-year descending channel, U.S. dollar dominance over the pair appears to be fading, leaving room for long-term upside potential.
The pair has now reached levels last seen in September 2021 near 1.1750. A decisive close above this level could extend gains toward the 1.20 mark, aligned with the 2021 peaks.
On the downside, a close back below the 1.1570 support may trigger a pullback toward 1.14 and 1.13 before a potential bullish continuation. If that fails, the upper boundary of the former channel could be retested at 1.11 and 1.10.
- Razan Hilal, CMT
The pair has now reached levels last seen in September 2021 near 1.1750. A decisive close above this level could extend gains toward the 1.20 mark, aligned with the 2021 peaks.
On the downside, a close back below the 1.1570 support may trigger a pullback toward 1.14 and 1.13 before a potential bullish continuation. If that fails, the upper boundary of the former channel could be retested at 1.11 and 1.10.
- Razan Hilal, CMT
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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.