EUR/USD price stalls below $1.1450 as traders eye wedge breakout for directional cue
EUR/USD price action narrows within wedge formation as bulls test 1.1450 resistance zone
EUR/USD traded near 1.1410 on June 5, pausing just beneath the key 1.1450 resistance zone after rebounding from a low of 1.1250 last week. Despite a steady uptrend from late May, the pair remains trapped within a wedge structure as bullish momentum fades and intraday indicators reflect growing indecision.
Key highlights
- EUR/USD price today holds near 1.1410, pausing beneath the key 1.1450 resistance band.
- Bullish momentum remains intact, but multiple intraday failures cap upside near 1.1454.
- Technical wedge pattern suggests directional breakout is approaching within the next 24 hours.
Price action has yet to clear the top of the supply region, leaving the pair vulnerable to a short-term pullback if buyers fail to show renewed strength.
Wedge formation compresses price near Bollinger midline
On the 4-hour and daily charts, the pair is stuck within a tightening wedge, constrained by a horizontal supply zone near 1.1450 and ascending support near 1.1395. Short-term EMAs (20/50/100) remain positively aligned, lending a bullish undertone, but repeated failures to close above 1.1450 suggest a lack of conviction from bulls. The 4-hour Bollinger Band midline sits around 1.1406, where price is currently hovering, while the 30-minute Ichimoku Cloud provides tentative support near 1.1395–1.1410.
EUR/USD price dynamics (Source: TradingView)
RSI remains near neutral at 48.00 on intraday charts, while MACD reveals fading upside pressure with contracting histogram bars and a soft bearish cross. Stochastic RSI shows a mild bounce from oversold, but volume remains unconvincing. Unless momentum improves, the pair may be at risk of losing its short-term foothold.
Breakout above 1.1450 or below 1.1385 to dictate next move
A decisive breakout above 1.1454 would clear the path for a retest of the psychological 1.1500 level and possibly 1.1600, should dollar weakness assist the move. However, a breakdown below 1.1385 could send the pair toward the 1.1335 demand zone, where key EMAs and prior breakout levels converge. Failure to hold that level would jeopardize the broader bullish structure and expose 1.1270 as a deeper correction target.
In previous EUR/USD coverage, we outlined the importance of the 1.1450 ceiling and 1.1335 base as the primary range to watch. That framework remains active, and with price now nearing the apex of a wedge pattern, traders are advised to monitor for a breakout confirmation before positioning directionally.
