EUR/USD price holds near $1.1775 as bullish trend consolidates below resistance
EUR/USD holds within rising channel as bullish structure pauses near major resistance
The euro continues to trade in a strong technical uptrend against the U.S. dollar, with the EUR/USD pair tradiing near 1.1775 on July 2. Although price action pulled back modestly after testing the 1.1800–1.1830 resistance zone, the broader structure remains bullish across daily and 4-hour timeframes.
Highlights
- EUR/USD trades near 1.1775 after brief rejection from 1.1830 resistance
- Rising channel and higher lows confirm uptrend, with support at 1.1720–1.1700
- Momentum eases, but broader structure remains bullish above key EMAs
A clean breakout above the falling wedge in early June catalyzed the recent rally, and price continues to hold well above all key exponential moving averages.
Trend structure remains intact despite short-term cooling
On the daily chart, EUR/USD remains inside a rising channel formed since March, with the upper boundary now being tested. Price has reclaimed former resistance levels at 1.1550 and 1.1650, which have since flipped into support.
EUR/USD price dynamics (Source: TradingView)
The 4-hour chart confirms a series of higher lows, while price action holds above the 20-EMA at 1.1758 and the 50-EMA near 1.1730. This area between 1.1725–1.1700 now acts as critical near-term support, with the channel midline and lower Bollinger Band providing additional confluence.
Although the pair remains structurally bullish, Bollinger Bands are beginning to narrow, suggesting possible consolidation. A break above 1.1830 could resume the upward leg toward the 1.1900 handle, last seen in late February.
Indicators suggest pause before next leg higher
Momentum indicators are starting to flash early caution. On the 30-minute chart, RSI has dropped to 34.9, signaling temporary weakness, while MACD has turned bearish with both lines trending downward. Despite this, trend-following tools such as the Supertrend and Parabolic SAR remain bullish, and the daily Accumulation/Distribution line continues to show steady capital inflows. The True Strength Index (TSI) remains above the signal line, supporting a sustained bullish bias unless the 1.1700 level is breached.
In earlier reports, EUR/USD was highlighted for its breakout from a falling wedge and reclaiming of key resistance levels. That narrative remains active, with the pair now consolidating just beneath a major test area. Traders will look for price stability above 1.1720 as a base for another push toward 1.1830 and possibly 1.1900 in the near term.
