FX.co ★ EUR/USD

i see the EUR/USD daily chart is currently showing early signs of a recovery phase after the strong bearish pressure we saw during February and early March. Price action has recently bounced from the 1.1400–1.1420 support zone, which previously acted as a strong demand area on the chart. This rebound suggests that buyers are slowly regaining control, although the broader structure still requires confirmation before declaring a full trend reversal Looking at the recent price behavior, I notice that the pair formed a higher low near the March bottom. Since then, the market has been printing a sequence of slightly higher lows and higher highs on the daily timeframe. This is often the first technical signal that bearish momentum is fading. The upward trendline drawn from the March low is still intact, and price is currently trading above it, which keeps the short-term bullish bias alive in my view From a momentum perspective, the RSI indicator is gradually moving higher and is currently positioned near the neutral 50–60 zone. To me, this reflects improving bullish momentum without entering overbought territory yet. When RSI recovers from oversold conditions and stabilizes above the midpoint, it often supports the idea that buyers are starting to dominate the market again. The MACD indicator also supports this observation. The histogram is shrinking on the negative side and beginning to move toward the zero line, while the signal lines appear to be preparing for a bullish crossover. Although the crossover is not fully confirmed yet, the momentum shift suggests that the downside pressure is losing strength Technically, the current key resistance area sits around 1.1700–1.1750. This level previously acted as a short-term supply zone where the market faced rejection earlier. If buyers manage to push the price above this resistance with a strong daily close, I believe the next upside targets could be 1.1820 followed by 1.1900, which coincides with previous consolidation zones and Fibonacci retracement levels of the recent bearish swing On the downside, the most important support remains around 1.1550, followed by the major base near 1.1400. A daily close below the 1.1550 level would weaken the current bullish structure and might open the door for another retest of the March lows. In terms of Fibonacci analysis, measuring the retracement from the February high down to the March low shows that the pair is currently attempting to move toward the 38.2% retracement level, which aligns closely with the 1.1700 region. This confluence strengthens the importance of this resistance level. A breakout above it would signal stronger bullish continuation From a risk-to-reward perspective, I personally see more attractive opportunities on pullbacks rather than chasing the price at current levels. If the pair retraces toward the 1.1580–1.1600 zone, it could provide a better entry for buyers targeting the 1.1750 area and potentially higher, with stops placed below the recent swing low Overall, my personal bias on EUR/USD is cautiously bullish in the short term, as long as the price remains above the rising trendline and the 1.1550 support area. However, the market still needs to break above 1.1700 convincingly to confirm that a broader bullish phase is developing rather than just a temporary correction within a larger downtrend.