EUR/USD price trades near $1.1380 as traders weigh breakout prospects ahead of key resistance
EUR/USD consolidation tightens as traders eye breakout above 1.1450 resistance zone
The euro held steady against the U.S. dollar trading around 1.1383 after a modest retreat from the 1.1450 resistance area. The pair continues to trade within a narrowing wedge, bounded by rising trendline support and descending resistance, signaling that a breakout structure may be underway.
Key highlights
- EUR/USD stabilizes at 1.1383 after rejecting 1.1450, holding firm above the 1.1350 pivot.
- Short-term indicators suggest mixed momentum with slight bullish lean amid wedge formation.
- Breakout above 1.1465 could open a rally toward 1.1500–1.1540, while a drop below 1.1290 weakens bias.
Despite recent consolidation, the pair’s ability to maintain ground above 1.1350 points to a cautiously bullish undertone.
Short-term signals lean positive but need confirmation
Intraday momentum remains tentative. On the 30-minute chart, the RSI is hovering near the neutral 50 mark, while the MACD is flat, suggesting an accumulation phase under key resistance. Stoch RSI shows a mild upward slope, hinting at possible continuation if buyers gain strength. Additionally, the price is hovering just above the Ichimoku cloud, with a recent bullish crossover in Tenkan and Kijun lines, reflecting early upside momentum.
EUR/USD price dynamics (Source: TradingView)
The daily chart shows the pair holding the 0.618 Fibonacci retracement at 1.1370, derived from the April–May decline, reinforcing the case for near-term support. Should price break and sustain above 1.1400 with volume, the path toward 1.1450 and higher levels may reopen.
Outlook for June 5 as euro clings to bullish structure
A close above 1.1400 would put 1.1450–1.1465 back into focus, the upper range that capped multiple rallies since mid-May. This remains the key ceiling to breach for bulls to target 1.1500 and 1.1540. On the downside, key support is seen at 1.1350 and 1.1320, with a deeper cushion at 1.1290. A decisive drop below that would invalidate the current bullish structure and potentially expose 1.1245.
In earlier sessions, EUR/USD was seen developing higher lows above 1.1290 with Fibonacci support near 1.1370 acting as the pivot. That structure continues to guide price action, and the breakout prospects remain intact as long as price stays above 1.1350.
