EURUSD has been trading in a sideways range between 1.0909 and 1.1095, indicating a period of consolidation for the uptrend from the March low of 1.0515.
The current trading range suggests that the market is undecided on the direction of the pair, and it may continue to trade in a sideways range until there is a clear catalyst for a breakout. Traders should pay close attention to any significant economic data releases or geopolitical events that could impact the EURUSD exchange rate.
Resistance is at 1.1095, and a break above this level could trigger another rise towards 1.1200.
On the downside, support is at 1.0909, and a breakdown below this level could bring the price to 1.0800. Below this level, the next key support area is at 1.0700.
Overall, the outlook for EURUSD remains bullish in the longer term, as long as the price remains above the trend line support on the weekly chart. However, in the short term, traders should be cautious and watch for a clear break above or below the current range to indicate the direction of the next major move.
