EUR/USD price holds near $1.1720 as bullish breakout clears consolidation zone
The euro is maintaining strength near 1.1720, following a decisive breakout above the 1.1650 resistance zone that had capped upside over recent weeks. This move has marked a bullish continuation from a multi-session consolidation structure, confirmed by a clean exit from a symmetrical triangle on the daily chart.
Highlights
- EUR/USD breaks above symmetrical triangle, tests levels not seen since early 2022
- Price holds above all major EMAs; 1.1650–1.1680 now key short-term demand zone
- Bullish momentum supported by MACD crossover, RSI recovery, and upper band action
Price is now trading at its highest levels since early 2022, with the ascending support line from April still intact—highlighting the sustainability of the current rally.
EUR/USD price dynamics (Source: TradingView)
Technical structure across the 4-hour chart supports this momentum. The 20, 50, 100, and 200 EMAs are in perfect bullish alignment, with the rising 20 EMA near 1.1655 providing dynamic support. Bollinger Bands have widened notably, reflecting strong trend volatility, while price continues to press against the upper band near 1.1748. The earlier resistance zone around 1.1650 now acts as confirmed support, and the market structure of higher lows validates the current upside thrust.
Momentum confirms bullish bias across timeframes
Shorter-term action further strengthens the bullish case. On the 30-minute chart, the breakout from a descending wedge and reclaim of the 1.1700 mark were accompanied by bullish VWAP structure and Parabolic SAR support near 1.1683. RSI has recovered to hover around 60, avoiding overbought conditions while reflecting healthy upward pressure. The MACD has turned positive with a fresh crossover and rising histogram, reinforcing the continuation outlook.
Unless the pair drops below 1.1650, the prevailing trend structure remains in favor of buyers, with short-term targets set at 1.1750 and the psychological 1.1800 level. A close below 1.1650 would suggest early signs of exhaustion, but current signals remain skewed to the upside.
In previous analysis, EUR/USD was shown nearing a breakout point above 1.1650. That breakout has now materialized, and price action has followed through into higher ground, confirming bullish technical structure across timeframes. With momentum and support aligning, bulls retain control unless key supports break.
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