The Euro currency posted solid gains against the US dollar last week, although buyers failed to overcome the 1.1000 resistance area.
EUR/USD technical analysis shows that gains above the 1.1000 level could cause a rally towards the 1.1130 level this week.
EUR/USD medium-term price trend
The Euro posted solid gains against the greenback as the US dollar came under downside pressure during the first half of last week.
Investors sold the greenback as an improvement in overall market sentiment caused traders to move into riskier currencies.
EUR/USD analysis over the medium-term shows that a new bullish higher weekly high could provoke a rally towards the 1.1100 level this week.
The daily time frame shows that price is creating bullish higher highs and lower lows on the weekly time frame.
Technical analysis shows that if price moves above the 1.1010 level then a rally towards the 1.1060, and possibly the 1.1130 level could take place.
Traders should note that a breakout under the 1.0800 level will likely cause traders to turn bearish towards the EUR/USD pair.
EUR/USD short-term price trend
EUR/USD technical analysis shows that the pair has a bullish bias over the short-term while price trades below the 1.0860 level.
EUR to USD analysis shows that the pair staged a false breakout above a symmetrical triangle pattern last week.
The four-hour time frame shows that the symmetrical triangle is located between the 1.0820 and 1.0940 levels.
If the bulls can move the price above the 1.0940 level then a rally towards the 1.1060 level should be expected.
Downside failure beneath the triangle pattern could cause the EUR/USD pair to decline towards the 1.0700 support level.
EUR/USD technical summary
EUR to USD analysis indicates that the pair could rally towards the 1.1060 level this week if a breakout above the 1.1010 level takes place. Weakness under the 1.0820 level should be considered a bearish sign.