Euro Technical Outlook: EUR/USD Pullback Puts July Uptrend to the Test
EUR/USD has retreated from last week’s highs, but the broader recovery remains intact as traders brace for Jackson Hole.
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Euro Technical Outlook: EUR/USD Multi-Timeframe Analysis
EUR/USD stalled beneath the year's heaviest resistance cluster after a four-week rally, slipping back under its 52-week moving average. Michael Boutros, Senior Market Analyst at StoneX, walks through the euro against the U.S. dollar across the weekly, daily, and four-hour charts, and explains where the pullback structure holds or fails. The rally that lifted EUR/USD more than 3.4% off the yearly low broke through the 52-week moving average before fading into the year's most crowded resistance zone, and price has now slipped back below it. The ascending channel off last month's low remains intact on the daily chart, while momentum has ducked back below the midline on shorter time frames, leaving the January low as the line separating a routine retracement from a failed breakout. Attention turns to the Jackson Hole Economic Symposium, eurozone inflation data at the start of next week, and the ADP employment report and nonfarm payrolls that follow.
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by FOREX.com.
Key EUR/USD Economic Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
Active Short-term Technical Charts
- Canadian Dollar Short-term Outlook: USD/CAD Recovery Reaches Downtrend Resistance
- Australian Dollar Short-term Outlook: AUD/USD Breakout Extends to 10-Week Highs
- British Pound Short-term Outlook: GBP/USD Bulls Confront Resistance at Three-Month Highs
- Gold Price Short-term Outlook: XAU/USD Breakout Faces a Defining Test
- US Dollar Short-term Outlook: USD Correction Pressures Pivotal Support
- Swiss Franc Short-term Outlook: USD/CHF Rally Presses Yearly Trend Resistance
- Japanese Yen Short-term Outlook: USD/JPY Defends the Uptrend as the Range Tightens
Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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