EURUSD is currently consolidating within a symmetrical triangle on the daily chart, with price action hovering around the critical 50-day EMA at 1.1695 and the 200-day EMA at 1.1670. This pattern has been forming since March, and as the pair approaches the apex, a breakout may be imminent. The upper resistance is situated between 1.1680 and 1.1700, while support lies between 1.1640 and 1.1650, indicating a balanced market environment with neither bulls nor bears holding a clear advantage.
From a technical perspective, the MACD shows signs of weakening bearish momentum, although it remains below the zero line, suggesting that a bullish signal could emerge if the MACD crosses above its signal line. The RSI is positioned around 48, indicating neutrality and allowing for potential movement in either direction.
Traders should closely monitor the 1.1700 resistance and 1.1640 support levels. A breakout above 1.1700 could signal renewed bullish momentum targeting 1.1760, while a drop below 1.1640 may lead to increased selling pressure towards 1.1600 and 1.1540.
Source: xtb.com