The U.S. dollar, pressured by debt concerns, has declined toward critical 2025 lows near the 98 level. Meanwhile, the euro has stabilized near 1.1380, now trading above the upper boundary of a 16-year descending channel originating from the 2008 peak and extending through 2024.
This breakout positions EUR/USD for a potential long-term bullish move—provided the DXY confirms further downside. A firm monthly close above 1.16 would confirm the breakout, setting sights on highs from 2018 and 2021, between 1.20 and 1.24.
On the downside, key pullback levels are 1.1270, 1.1140, and 1.1070. A break below those could extend pressure toward 1.0990 and 1.0890.
- Razan Hilal, CMT
This breakout positions EUR/USD for a potential long-term bullish move—provided the DXY confirms further downside. A firm monthly close above 1.16 would confirm the breakout, setting sights on highs from 2018 and 2021, between 1.20 and 1.24.
On the downside, key pullback levels are 1.1270, 1.1140, and 1.1070. A break below those could extend pressure toward 1.0990 and 1.0890.
- Razan Hilal, CMT
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.