Technical picture for the EURUSD pair in the Forex currency market
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...