EURUSD: Bulls and Bears Battle at Resistance—Watch These Levels for a Major Breakout

Over the past three trading days, EURUSD has been caught in a tight range, closing at 1.15789 after failing to sustain a push above 1.15830. With no significant Eurozone or US data releases, technicals have taken center stage. Traders are laser-focused on key support and resistance levels; a decisive break could trigger a wave of volatility. For investors, this is a textbook scenario where tactical trades around well-defined levels offer the best chance for profits. The current range is a pressure cooker—be ready when the lid blows off.

Daily Chart

On the daily chart, EURUSD has been consolidating near recent highs over the last 5-20 sessions. The 15-day moving average has crossed above the 50-day, confirming bullish momentum, but repeated rejection near the upper Bollinger Band (around 1.1600) signals a stubborn ceiling. Momentum is slightly waning as MACD histogram bars shrink, warning that bulls could be losing steam. A breakdown below 1.1540 would likely hand control back to the bears.

1H Chart

The hourly chart for the past 3-5 days (about 40 bars) reveals sharp swings and a clear ‘double top’ pattern around 1.1580-1.1590, where attempts to break higher have repeatedly failed. MACD just issued a bearish cross, and the Bollinger Middle Band at 1.1565 offers short-term support. The latest two hourly candles show prominent upper wicks, pointing to heavy selling at the highs. Over the next 24 hours, watch for a test of support in the 1.1540-1.1550 region.

Technical Trend: Ranging but Bearishly Tinted

The dominant technical setup is a ‘Double Top’ with confirmed bearish engulfing on the hourly chart—highly suggestive of near-term downside. The latest bearish engulfing candle signals strong short-term selling and could drive a deeper pullback within the next 24 hours. Momentum is fading fast (MACD and RSI both pointing lower), so aggressive traders may look to sell rallies with tight stops above resistance.
Resistance & Support
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