EURUSD surges 2.3% in August rally above 1.1670 resistance

EURUSD has posted an impressive 2.3% gain since the beginning of August, breaking above the significant 1.1670 resistance level in a strong bullish move. The pair's rally represents approximately 270 pips of appreciation, marking one of the euro's strongest monthly starts against the dollar in recent quarters. The sustained buying pressure has pushed the exchange rate into new trading ranges, with bulls firmly in control of the near-term trajectory. Technical breakouts above previous resistance zones have attracted momentum traders, while fundamental factors including diverging central bank policies support the move. The 1.1670 level, previously a formidable resistance, now serves as initial support for any pullbacks. Market participants are eyeing the next psychological target at 1.1700, with further resistance expected near 1.1750. The rapid appreciation has pushed momentum indicators into overbought territory, suggesting possible consolidation, though the overall trend remains decidedly bullish for the euro.