4 min readOn the weekly chart, EUR/USD has been climbing steadily within a broad high time frame range, with support near 1.1200 and resistance at 1.1600. This push has taken price into territory not seen since February 2022, adding further confidence that the pair may be entering a new cyclical phase.
The 1.1600 area, marked as level 2, remains a significant resistance zone and has historically acted as a key horizontal area. And the 1.1200 region, marked as level 1, has proven to be a reliable horizontal zone over multiple tests. The broader structure here highlights a well-defined range, with price now testing its upper boundary.
Zooming into the daily chart, we can clearly see a strong uptrend characterised by higher highs and higher lows. Recently, EUR/USD broke above a key resistance level near 1.1585, marked as level 1. Price is now pressing into high time frame resistance, maintaining bullish structure in the process.
On the 4-hour chart, EUR/USD bounced recently from the local reload zone and has now reached a resistance zone near 1.16200, marked again as level 1. A confirmed breakout above this area could open the door for continuation into the high time frame resistance zone and signal sustained momentum in the bullish trend.
However, if the price rejects at this level, we may instead see a consolidation phase. A short-term range could begin to form, with the midpoint of that range (range EQ) sitting near 1.15500. This area would become the likely support zone in the event of a pullback.
With the overall trend still favouring the upside, all eyes are now on the 1.16200 resistance level. A breakout or rejection here will likely determine the next directional move for EUR/USD.
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