EURUSD Range Support Held, Another Resistance Test?

EURUSD appears to be consolidating within a range, with the pair finding support at the floor around 1.1677 and resistance capping gains at the ceiling near 1.1750.

Price has recently bounced off the range lows and is currently pushing higher toward the upper boundary, setting up a potential test of the resistance zone that could determine the pair’s next directional move.

If the resistance at 1.1750 fails to hold back the bulls, EURUSD could stage a clean breakout above the range ceiling, opening the door to further gains beyond the recent swing high. A decisive close above this level, backed by strong bullish candlesticks, would suggest that buyers are firmly in control and that a fresh leg higher is underway.

The 100 SMA has crossed above the 200 SMA, confirming that the path of least resistance is to the upside and that bullish momentum could be gathering strength. The gap between the two moving averages is beginning to widen, reflecting a gradual shift in favor of buyers. Price is also trading above both indicators, which could now serve as dynamic support on any dips back toward the mid-range area.

However, stochastic is already deep in the overbought region and showing early signs of turning lower, suggesting that buying pressure could be starting to fade near current levels. If the oscillator rolls over from here, it could signal a retreat back toward the mid-range zone or even a retest of the 1.16773 floor.

RSI is similarly elevated and approaching overbought territory, so a pullback from resistance remains well within the cards. That said, the oscillator still has a bit of room to climb before hitting the ceiling, meaning bulls could squeeze out a little more upside before sellers push back.

EURUSD is likely to take cues from the upcoming US NFP release, as a strong jobs print could reinforce Fed tightening expectations and possibly lead to stronger dollar demand.