Euro FX Futures (6E1!) continue to follow a steady uptrend, now trading at 1.1587 and holding firmly above a rising trendline that has acted as reliable dynamic support since early March. The price remains comfortably above both the 50-day MA (1.1376) and 200-day MA (1.0871). The Dollar continues its decline as the political scene in the US wobbles. Keep in mind that the chart we are looking at is basically the EUR/USD chart, and so any weakness in the Dollar means that the Euro is going to continue to strengthen.
Technical Highlights:
- Ascending trendline support (black line) continues to define the bullish structure, with multiple clean bounces off it — most recently in early June.
- Price recently tested the 1.1613 resistance area, stalling just below R2 (1.16425) — this is a critical breakout zone.
- The previous resistance zone (~1.1475–1.1510), marked by the March-April range, has now flipped into solid support.
- The 50-day MA (orange) has turned upward, crossing above the 200-day in April — a long-term bullish signal (golden cross).
- Volume and momentum (RSI and MACD in earlier setups) support trend continuation, not exhaustion.
Key Levels to Watch:
Immediate resistance:
- 1.1613 (horizontal resistance)
- 1.16425 (R2) — breakout level that could open up R3 (1.18515)
Support zones:
- 1.1506 (R1) — recently reclaimed pivot
- 1.1376 (50-day MA) + trendline confluence — vital to maintain the bullish narrative
- 1.1250–1.1280 (horizontal zone) if deeper correction unfolds
Outlook:
- Short-term bias: Bullish while above 1.1500
- Medium-term view: Bullish continuation into 1.18 zone if 1.1613 breaks with conviction
- Risk: A daily close below the rising trendline and 50-day MA (~1.1375) would weaken the structure and trigger reassessment
Trade Consideration
- High-probability long setup would emerge on a clean breakout and close above 1.16425, with targets toward 1.1850–1.2060.
- A pullback toward the trendline (around 1.1480–1.1500) could offer a favorable buy-the-dip opportunity if supported by volume and price action.
