EUR/USD Upside Bias Holds While Key 1.1500 Support Remains Intact

EUR/USD remains on a constructive footing, holding above the key 1.1500 psychological level and the previously broken upper boundary of its bullish channel for a fourth consecutive session. Although Monday’s pullback from the June 17 high at 1.1559 raised concerns that the latest recovery from 1.1353 may be losing momentum, the broader bullish bias remains intact.

Buyers have so far struggled to secure a decisive break above the 1.1524 Fibonacci barrier, which marks the 38.2% retracement of the 1.1849–1.1324 decline. The pair is also facing resistance from the descending trendline drawn from the 1.1849 peak, currently located around 1.1533.

However, the subsequent pullback found solid support at the 1.1500 level, which continues to protect the more significant support zone around 1.1465, reinforced by the base of the daily Ichimoku cloud. This keeps the near-term outlook tilted to the upside despite fading bullish momentum and overbought stochastic readings on the daily chart.

A weaker U.S. dollar continues to underpin the euro’s positive near-term tone. Nevertheless, a sustained break above the 1.1524/1.1533 resistance area is required to confirm bullish continuation and strengthen the recovery outlook.

Should buyers clear these barriers, attention would shift to the next upside targets at 1.1567, where the 100-day moving average is located, followed by 1.1586 at the top of the daily Ichimoku cloud and 1.1627 at the 200-day moving average.

Res: 1.1540; 1.1567; 1.1586; 1.1627
Sup: 1.1500; 1.1465; 1.1448; 1.1433