EUR/USD: Key Support Holds as European Session Lifts the Euro

The European session kicks off with solid gains for the Euro and equity indices, and the EUR/USD pair is offering a textbook technical setup. The focus is on a critical horizontal support zone around 1.082, marked with a yellow line, which has acted as a key level since March 13th.

On Friday, the price briefly dipped below this level, raising concerns of a breakdown. However, the move turned out to be short-lived. The Euro quickly reversed back above the 1.082 level, turning the dip into a false breakout—highlighted on the chart with a red marker. This kind of price action often suggests that bears failed to take control and the market may be preparing for a new bullish wave.

At the end of the Asian session today, the price retested this yellow support zone and bounced upward again, reinforcing the strength of this level. As long as EUR/USD holds above 1.082, the sentiment remains positive, and buyers remain in control.

However, a break and daily close below this support would negate the current bullish setup and shift the tone to bearish, likely opening the door for a deeper correction. Until then, bulls can treat the ongoing rebound as a buy signal supported by solid technical context.

Source: https://www.axiory.com/analytics/technical-analysis/eur-usd-key-support-holds-as-european-session-lift