EURUSD – Bulls Maintain Control After Consolidation; Eyes Set on 1.20 Target

EURUSD is consolidating just below a fresh high at 1.1830 — its strongest level since September 2021 — as bullish momentum pauses after an extended rally.

The euro continues to draw strength from broad-based U.S. dollar weakness, with the greenback posting its worst first-half performance since 1973.

Pullbacks from the recent peak have been shallow, finding firm support at the broken Fibonacci level of 1.1685 (76.4% retracement of the 1.2349–0.9535 decline), reinforcing the underlying bullish structure.

The pair is on track to secure a third consecutive weekly close above 1.1685, further solidifying bullish sentiment and maintaining the potential for continued upside.

Immediate resistance lies at 1.1909 (September 3, 2021 high), with a break above this level clearing the path toward the key psychological barrier at 1.2000.

On the downside, only a drop below the daily Kijun-sen (1.1600) would undermine the bullish outlook and signal a deeper corrective phase.

Res: 1.1756; 1.1800; 1.1830; 1.1909
Sup: 1.1685; 1.1631; 1.1600; 1.1538