EUR/USD Tests Key Resistance at 1.1615: Breakout or Rejection?

In today’s technical analysis, we turn our focus to EUR/USD, which is currently engaged in a critical test of a long-term horizontal resistance at 1.1615, marked with yellow. This level, the top from mid-June, is now being retested and serves as a pivotal barrier for further upside momentum.

The broader sentiment on the pair remains positive. The price recently defended the blue uptrend line, a key support level, and successfully broke out to the upside from a black flag formation—a bullish continuation pattern. This breakout signaled renewed buying interest and positioned the pair for a potential continuation of the uptrend.

That said, the yellow resistance zone may act as a temporary ceiling. It could be an appropriate level for short-term traders to consider taking partial profits. However, should the price manage to close decisively above this yellow resistance, it would trigger a fresh buy signal and likely open the path toward higher levels.

For now, bullish momentum is intact, with a cautious eye on how the market behaves around 1.1615.

Source: https://www.axiory.com/analytics/technical-analysis/eur-usd-tests-key-resistance-at-1-1615-breakout-or