EUR/USD price breaks out above $1.15 as bullish momentum targets $1.1620 and beyond
EUR/USD rallies above 1.15 with bullish structure intact across trendlines and support clusters
The euro has surged above a key technical barrier, with EUR/USD breaking out of its multi-week consolidation range to trade decisively above 1.15. The bullish reversal was confirmed by a clean break above the descending trendline from April and a strong hold of the ascending trendline anchored at the 1.1380 zone. The move signals renewed strength in the euro, with bulls eyeing the next major resistance near 1.1620.
Key highlights
- EUR/USD trades above 1.15 after clearing multi-week resistance
- Price structure supported by bullish trendlines and aligned EMAs across timeframes
- Next target lies at 1.1620, with broader potential toward 1.1860 and 1.2106 if trend holds
The 4-hour chart reveals strong confirmation of the breakout. After clearing the 1.1460–1.1500 zone, the pair retested and resumed its climb, maintaining a rising trendline from the June 3 low. Price action shows minor consolidation near 1.1520, but the bullish bias remains intact. Intermediate resistance between 1.1575 and 1.1600 could be tested next if momentum persists.
Short-term indicators reflect consolidation before next leg
On the 30-minute chart, EUR/USD remains within an ascending channel above prior breakout levels at 1.1480–1.1490. The RSI has cooled from overbought, now printing at 63.67, while MACD flattens near the zero line. Ichimoku indicators remain constructive, with price well above the cloud and Tenkan-Kijun maintaining a positive slope. The Stoch RSI has entered oversold territory, suggesting a short-term momentum reset that may support further upside if the 1.1500–1.1520 support holds.
EUR/USD price dynamics (Source: TradingView)
The 4-hour Bollinger Bands are expanding, reflecting rising volatility and trend strength. Price remains above the 20/50/100/200 EMA cluster, reinforcing the bullish structure. These layers of support, now stacked between 1.1380 and 1.1455, are expected to limit downside risk unless a significant reversal occurs.
Longer-term structure signals potential for macro breakout
Quarterly Fibonacci retracement levels suggest EUR/USD is emerging from a long-term base. The pair has surpassed the 0.618 retracement at 1.1861 from its multi-decade high-low range and is now advancing toward the 0.5 level at 1.2106. If macro momentum holds and price sustains above the 1.15–1.16 region, broader upside toward 1.30 could unfold over the coming quarters.
In our earlier EUR/USD analysis, we emphasized the significance of the 1.1460–1.1500 resistance and the ascending trendline from April lows. That breakout has now materialized, and with structural alignment across timeframes, the path toward 1.1620 and beyond appears intact barring a sharp reversal below 1.1389.
