The euro currency performed a bullish weekly price close against the US dollar this week, closing well above the 1.1100 level.
EUR/USD technical analysis shows that the pair remains technically bullish, and is likely to experience further gains if the price trades above the 1.1070 level.
EUR/USD medium-term price trend
The euro staged a major comeback against the US dollar last week, with the pair posting five straight days of gains and recovering by around 500 points from the weekly low.
EUR/USD analysis over the medium term shows that continued gains above the 1.1070 level are needed this week to help the EUR/USD pair rally towards the 1.1500 level.
The daily time frame shows that a bullish breakout from a large wedge pattern took place last week. The size of the pattern implies that the EUR/USD pair could see significant gains over the medium term.
A false bullish breakout occurred from a falling wedge pattern earlier this month. It is noteworthy that if the latest breakout proves to be genuine the EUR/USD pair could rally towards the 1.1800 level.
Overall, if bulls manage to anchor the price above the 1.1070 technical region, the EUR/USD pair could start to move back towards the 1.1500 level.
EUR/USD short-term price trend
EUR/USD technical analysis shows that the pair is technically bullish over the short term while the price trades above the 1.0990 level.
Fibonacci analysis shows that the 61.8 Fibonacci retracement level of the current yearly low to the current yearly high is located at the 1.1170 level.
EUR to USD analysis shows that buyers may target the 61.8 Fibonacci retracement level this week if the price can bounce from the 1.1000 level.
Gains above the 1.1170 level could lead to a further rally in the EUR/USD pair towards the 78.6 Fibonacci retracement level, around the 1.1315 level.
Key short-term technical support for the EUR/USD pair is located around the 1.0990 and 1.0910 levels.
EUR/USD technical summary
EUR to USD analysis highlights that a bullish falling wedge breakout has taken place. In the short term a rally towards the 1.1170 resistance level could take place this week.