(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
The month of May, as you can see, recovered off worst levels out of demand from 1.0488/1.0912 and closed firm.
June extended gains to highs at 1.1422 and finished adding 1.19%, despite running into opposition at the lower ledge of nearby supply from 1.1857/1.1352 mid-month (unites with long-term trendline resistance [1.6038]).
July is currently seen toying with the aforesaid supply.
With reference to the primary trend, the pair has exhibited clear lower peaks and troughs since 2008.
Daily timeframe:
Partially altered from previous analysis -
The month of June observed EUR/USD address a potential reversal zone (PRZ), derived from a harmonic bearish bat pattern. The base is comprised of an 88.6% Fib level at 1.1395, a 161.8% BC projection at 1.1410 and a 161.8% Fib ext. level at 1.1462 (red oval). It’s typical, in the case of bearish formations, to see traders sell PRZs and place protective stop-loss orders above the X point (1.1495). Common take-profit targets fall in at the 38.2% and 61.8% Fib levels (of legs A/D) at 1.1106 and 1.0926, respectively.
As you can see, buyers appear to be gathering traction, leaving sellers in a precarious situation as the Fib targets have yet to be met.
H4 timeframe:
Buyers and sellers exchanged words at channel support (prior resistance - 1.1422) in recent activity, leading to the pair advancing and crossing paths with resistance at 1.1348.
Price action is interesting on this timeframe, as space beyond 1.1348 underscores supply at 1.1415/1.1376, which happens to align with a potential three-drive pattern at the 127.2% Fib ext. level from 1.1383.
H1 timeframe:
US trade witnessed increased demand for euros as the DXY split 96.50 to the downside. EUR/USD on the H1 timeframe brushed aside 1.13, as well as supply at 1.1316/1.1306, which, as you can see, was later retested as demand before connecting with 1.1350 resistance. While current action is feasting on levels just south of the latter, a violation of the level provides a basis to approach the 1.14 level.
Structures of Interest:
1.1350 resistance on the H1 shares the same space with H4 resistance at 1.1348.
Ultimately, though, H4 price likely wants to bring in supply at 1.1415/1.1376, and its three-drive pattern at 1.1383.
This indicates a possible break above 1.1350 today and test of the aforesaid H4 supply, which may, owing to the area’s confluence, see traders pursue bearish strategies.