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EURUSD Tests 1.1240 Resistance: Breakout Could Open the Way Toward 1.1350
EURUSD Tests 1.1240 Resistance: Breakout Could Open the Way Toward 1.1350
EURUSD is showing signs of a stronger recovery after spending several weeks under sustained selling pressure. The pair has rebounded from its October lows and is now approaching an important resistance area around 1.1240. Momentum indicators are beginning to improve on both timeframes, suggesting that buyers are gradually gaining control. A decisive break above 1.1240 could provide the momentum needed to extend the recovery toward 1.1320–1.1350.
EURUSD Daily Chart Analysis
On the daily chart, EURUSD is attempting to establish a recovery following the extended decline from the beginning of the year.
The pair recently found support around the 1.1120 region, where selling pressure began to lose momentum. Since then, buyers have managed to push price higher, gradually recovering from the October lows and bringing EURUSD back toward 1.1240.
This level is particularly important because it represents the upper boundary of the recent consolidation range. Price has repeatedly struggled to establish a sustained move above this area, making it the first major obstacle for the current recovery.
The MACD is providing an encouraging signal. The main line currently stands near -0.004225, above the signal line at approximately -0.005597. Although both readings remain below zero, the bullish crossover and improving histogram indicate that downside momentum is fading and bullish momentum is gradually building.
This development supports the possibility of further recovery rather than an immediate loss of momentum.
The next important resistance levels are located at 1.1320 and 1.1350. A successful break above 1.1240 would put these areas into focus, with 1.1350 representing the main upside objective on the daily chart.
Key Levels:
1.1240: Immediate resistance and the key breakout level.
1.1320: Intermediate resistance and the first major upside target.
1.1350: Main recovery objective and important higher-timeframe resistance.
EURUSD 4-Hour Chart Analysis
The 4-hour chart provides further confirmation that the recovery is gaining traction.
Following a prolonged decline throughout September, EURUSD entered a consolidation phase around the 1.1120–1.1240 region. Buyers have since managed to establish a series of higher lows, gradually shifting the short-term price structure in their favour.
The latest bullish move has brought price back toward 1.1240, with the market now testing the upper boundary of the recent trading range.
What makes this setup particularly interesting is the behaviour of the Momentum (14) indicator.
The indicator currently stands near 100.51, above the neutral 100 level. This suggests that positive momentum has returned to the market and supports the latest recovery attempt.
The recent upward movement also shows that buyers are becoming more active after the October consolidation. Rather than remaining trapped inside the previous range, EURUSD is now pressing against its upper boundary.
A decisive H4 close above 1.1240 would provide the confirmation needed for further upside continuation.
Once this level is cleared, the next objective comes in around 1.1320, followed by 1.1350.
The alignment between improving daily MACD and positive 4-hour momentum makes the current resistance test especially important.
EURUSD Bullish Continuation Scenario
EURUSD is approaching a key technical decision point, with both timeframes showing improving momentum.
On the daily chart, MACD has turned higher and moved above its signal line, while the 4-hour Momentum indicator has returned above the 100 level. At the same time, price has recovered from the October lows and is now challenging the upper boundary of its recent consolidation.
The key level remains 1.1240.
A decisive breakout above this resistance would strengthen the bullish structure and open the way toward 1.1320, with 1.1350 as the main upside objective.
For now, the technical picture points toward a continuation of the recovery, with the next important step being a confirmed move above 1.1240.
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