Analysts flag 1.1560/1.1565 zone as key hurdle for further gains in the currency pair after sharp rebound.
EUR/USD has rebounded sharply after drifting sideways, recovering from a mid-June low of 1.1324. The pair faces critical resistance at 1.1560/1.1565, aligning with the daily Ichimoku cloud top and a weekly trendline from January’s high of 1.2078.
The currency pair tested the 1.1560 resistance multiple times this week but failed to break through. Support levels are identified at 1.1470, the 21-day EMA, and 1.1445, the lower boundary of the daily Ichimoku cloud. A break below 1.1445 could signal prolonged resistance at the cloud top.
If EUR/USD sustains a move above 1.1565, analysts see potential for a rise toward 1.1622, the June minor peak.