EUR/USD technical outlook: Weekly chart signals extended rally ahead
EUR/USD technical analysis on the weekly timeframe indicates potential for continued upside momentum, with the pair consolidating above key support at 1.0780. The weekly chart shows a bullish flag pattern formation, suggesting a measured move target near 1.0950. RSI remains in positive territory at 58, indicating room for further gains without entering overbought conditions. The 20-week moving average at 1.0745 provides dynamic support, while the 50-week MA at 1.0820 has been successfully breached. DXY futures show corresponding weakness, testing support at 105.20. Volume patterns confirm buyer interest on dips, with increasing participation above 1.0800. Key resistance levels include 1.0870 (January high) and 1.0920 (December 2023 peak). A weekly close above 1.0870 would confirm the bullish continuation pattern, targeting the psychological 1.1000 level.
Related Symbols:
EURUSD
DXY
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