EURUSD by ThinkMarkets — TradingView

EUR/USD is trading below the 1.17905 resistance in a clear consolidation move, while the moving averages and RSI support upside potential on a break above the resistance, with the 1.17214 and 1.16668 levels remaining as major support areas.

Here are details on the current state of the technology:
The pair continues to trade below 1.17905 with a clear consolidation trend, reflecting hesitancy between sellers and buyers. Price stabilization below this level will result in negative pressure persisting until further notice.

Moving Average: So far, price is above the moving average, giving it a relative advantage as long as the price remains above the support zone.

The Relative Strength Index (RSI) shows stability above the 50 level, which confirms the current strong buying momentum and may support the possibility of continued gains if it remains above the support zone.

bullish scenario
• Breakthrough of the 1.17905 level and sustaining the price (closing price) above.
• Target: We may see a move towards the 1.18485 level.

alternative
• Price remains below 1.17905 as volatility and sideways movements are likely to continue below this level.
• If the decline extends and breaks the 1.16668 level and remains below it, it could open the door for further decline towards the target 1.16265 level.

Monitoring level (critical level)
• Resistance levels: 1.17905 – 1.18485
• Support: 1.17214 – 1.16668
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