The Euro currency staged a major breakout against the US dollar last week, with the pair rallying to its highest trading level in two months.
EUR/USD technical analysis shows that key long-term moving averages are starting to come into focus as the pair turns technically bullish.
EUR/USD medium-term price trend
The EUR/USD pair turned technically bullish last week, following a major breakout above the 1.1010 resistance level.
EUR/USD analysis over the medium term shows that the pair’s 52-week and 12-month moving average are the key technical areas to watch this week.
The EUR/USD pair’s 52-week moving average is located around the 1.1060 level. Continued price stabilization above this key technical metric should be considered a strong buy signal.
Technical analysis shows the EUR/USD pair’s 12-month moving average, around the 1.1310 level, remains the likely bullish target over the medium-term.
Key medium-term resistance this week is located at the 1.1145 and 1.1230 levels.
EUR/USD short-term price trend
EUR/USD technical analysis shows that the pair has a strong bullish bias over the short term while price trades above the 1.0880 level.
EUR to USD analysis shows that a bullish reversal pattern has been activated across the lower time frames.
The four-hour time frame shows that a bullish inverted head-and-shoulders pattern is playing out to the upside, with the 1.1270 level the overall bullish target.
Due to its short and medium-term bullish bias, it appears possible that the EUR/USD pair could reach its overall bullish target.
Key technical support prior to the 1.0995 level this week is located at the 1.1030 and 1.1010 levels.
EUR/USD technical summary
EUR to USD analysis shows that the pair has now turned technically bullish. Further gains above the 1.1200 level are expected while price trades above the 1.1060 support level.