The EURUSD currency pair has demonstrated resilience as it failed to break below the rising trend line on the 4-hour chart and instead rebounded from the 1.0891 level. This rebound has been accompanied by a breakthrough above the 1.0970 resistance, indicating that the pair remains in an uptrend from the 1.0635 level.
With the uptrend intact, further upward movement can be anticipated in the coming days. The next target for the pair is seen at the 1.1095 resistance level. Traders should closely monitor price action as the pair approaches this key level, as it may act as a significant barrier to further upside progress.
At present, the key support level is located at 1.0891, which marks the recent rebound point. As long as the price remains above this level, the overall bullish bias is expected to persist. However, a break below this support level would signal a potential completion of the current uptrend and could lead to a shift in market sentiment.
In conclusion, the EURUSD pair has displayed strength by rebounding from the rising trend line and breaking above the 1.0970 resistance level. This suggests the continuation of the uptrend from 1.0635, with further upside movement expected in the near term. The next target is at 1.1095 resistance. However, traders should remain vigilant and monitor the price action around the key support level at 1.0891, as a break below this level could signal a potential end to the current uptrend. Factors such as economic data and geopolitical events should be considered when assessing the future direction of the EURUSD pair.
