The euro weakened against the US dollar last week. However, the broader technical bullish EUR.USD remains in place. This is because on the daily chart below, EUR.USD has fallen to a short-term rising support line since the end of June. The last one was held last week, keeping the upward slope. A bounce off support draws attention to the 38.2% Fibonacci extension level at 1.1231.

 A break above this point exposes the February 2022 highs, forming a resistance zone between 1.1453 and 1.1495. In case of a downward reversal, the next key support appears to be at 1.0834, the July 6 low. Behind it is the April low of 1.0635. Let's zoom in on the 4-hour chart to get a closer look at where the short-term price action could go.

In the 4-hour chart below, we can see that right before the euro bounced off rising support since June, a positive RSI divergence was brewing. This is a sign of fading down momentum, which can sometimes precede a reversal to the upside. In the case of a short-term up move from here, this will focus on a potential drop in the trend line from the July high.

A break above this mark exposes a minor 14.6% Fibonacci retracement at 1.1182 before focusing on 1.12758. Just below the rising support is the midpoint at 1.0954. A break below this price exposes the 1.0833-1.0859 support zone. It consists of lows since the beginning of July. Further downward movement from there could open the door to a fall to the May low of 1.0635.