4 min readWelcome to today’s Daily Technical Update on EUR/USD.
On the weekly timeframe, we now see that price has comfortably reclaimed the previous range high area as support, trading well above it with both a weekly open and close above the zone.
This development was discussed in last week’s update as a high timeframe confirmation of a major breakout—and it may also mark a potential shift in the broader cycle dynamics for EUR/USD. Holding above this former resistance suggests that the pair is now in a new structural phase, possibly laying the foundation for further bullish continuation.
Let’s now take a closer look at the lower timeframes to identify any key intraday levels and short-term setups worth watching throughout today’s session and the rest of the week.
Intraday View – EUR/USD (Lower Timeframes)
On the lower timeframes, EUR/USD broke above the previous range highs on Monday, and we’re now observing what appears to be a new range forming just below the 1.1600 high timeframe resistance.
This price action could suggest that the market is either front-running the 1.16 resistance or developing a short-term reaccumulation structure before another leg to the upside. Either scenario supports the idea of current consolidation just beneath a key level.
It’s also worth noting that the previous range high at 1.14300, which was broken on Monday, remains untested as a support level. When applying a Fibonacci retracement from the low of the breakout move to the current local high, that previous range high aligns closely with the 0.618–0.786 retracement zone—adding confluence and increasing the importance of that area as a potential support zone if price pulls back.
For intraday traders, the key levels to monitor today are:
- Range Lows: ~1.14800
- Range Highs: ~1.15700
A break above 1.15700 could trigger continuation toward the 1.16 high timeframe resistance, while a break below 1.14800 may signal a retest of the breakout zone around 1.14300.
As price continues to consolidate, this range structure offers a clean framework for both short-term trade setups and broader confirmation of trend direction.
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