EUR/USD Technical Analysis: Spot breaks above resistance line, now could target 1.1745

• The pair is now fading the recent spike to the mid-1.1600s, where it seems to have met strong resistance.
• The recovery has gained strength during past sessions and has now lifted spot to break above the resistance line off April’s tops beyond the 1.2400 handle, today at 1.1580. In the meantime, the near term positive outlook remains underpinned by the 1.1500 neighbourhood.
• Extra gains should now meet the next hurdle in the 1.1690 area, seconded by the more relevant 1.1745/50 band.

EUR/USD daily chart

Daily high: 1.1654

Daily low: 1.1594

Support Levels

S1: 1.1557

S2: 1.1493

S3: 1.1452

Resistance Levels

R1: 1.1662

R2: 1.1704

R3: 1.1768