EURUSD is currently testing the long-term support zone spanning 1.02–1.0650, which has acted as a critical pivot for over a decade. Price has recently pulled back from the lower highs trendline (~1.22) and is hovering near the 50-period and 200-period MAs on the weekly chart. Traders should watch this multi-year support closely as a reaction here may define the medium-term trend.
Trend Structure
Long-term: Downtrend from 2018 highs forming lower highs
Short-term: Price rebound attempt from multi-year support zone
Market structure: Lower highs aligned with downward trendline
Support / Resistance
Support Zone: 1.02–1.0650 (11-year support)
Resistance: 1.18–1.22 (lower highs)
Moving Averages
50-period MA: 1.16705 – near current price, acting as dynamic resistance
200-period MA: 1.09769 – lower support, aligned with multi-year zone
Indicators Visible
RSI (14) ~48.6 – neutral, not oversold or overbought
Momentum: short-term bearish bias under MA50
Chart Pattern
Long-term descending trendline from 2018 highs
Multi-year support box at 1.02–1.0650
Potential double-bottom forming if 1.0650 holds
Momentum
Weekly momentum: neutral to slightly bearish
Short-term bearish bias confirmed under MA50
Bullish Scenario
Price holds above 1.0650
Potential rebound toward 1.11 resistance
RSI stabilization could trigger a medium-term bounce
Bearish Scenario
Breakdown below 1.0650
Measured move toward 1.02 support
Continuation of downward trend confirmed under MA50
Key Conclusion
EURUSD is at a pivotal support zone that will define whether the pair stabilizes or continues the multi-year downtrend. Reaction near 1.0650 is critical for medium-term positioning.
Discussion Question:
Will EURUSD defend the 11-year support zone, or are lower levels inevitable?
