EUR/USD rose sharply midweek to 1.1675, reaching a four-week high. Pressure on the US dollar came after President Donald Trump postponed the threat of strikes on Iranian civilian infrastructure for two weeks.
The Euro broke above the resistance level of the triangle formation which could lead to a further advance toward resistances 1.1800 and 1.1920-60. Intraday level support starts from 1.1600 while as long as the market holds above it, the advance could continue.
EUR/USD: Dollar slips on Gulf ceasefire – Commerzbank
EUR/USD nears 1.1700 as markets welcome the ceasefire in Iran
Dollar's sharp slide as oil price drops below $100 on the US-Iran ceasefire is raising a critical question for FX markets: whether the unwinding of war premium is now enough to push EUR/USD back toward the 1.20 psychological level. The move reflects a rapid shift from pricing disruption to pricing partial normalization—but the path forward remains conditional.
EUR/USD Price Forecast: Rises above 1.1650, moving averages amid bullish reversal
EUR/USD climbs above 1.1650 after Trump agrees to two-week ceasefire with Iran
EUR/USD gains as Trump's Iran deadline approaches
Support Levels for EUR/USD Today: 1.1510 – 1.1460 – 1.1390.
EUR/USD: Gradual recovery path tied to Hormuz risks – NBC
EUR/USD hovers above 1.1520 with Trump's deadline on Iran approaching
The Euro still holds our trading zone while as we see from the chart, a creation of a triangle formation is beginning. This could be a bear Flag formation which might push for more drop towards the 1.1200 zone.