EURUSD Breaks 1.1719 Resistance
Weekly Momentum Shifts Euro Bullish
The Euro continues its impressive rally against the US Dollar as EURUSD trades near session highs following a strong week of technical breakouts. Our latest data shows the pair closed Friday at 1.1719, decisively breaking through the 1.1710 resistance level that capped gains earlier in the week. This momentum suggests institutional buyers are stepping in ahead of key economic data releases scheduled for this week.
Want to trade setups like this automatically? Our free EAs run 24/5 with built-in risk management.
Get Free EAs →Technical Analysis: Breaking the Pattern
EURUSD Daily Structure:
- Current Level: 1.1719 (Friday close)
- Recent High: 1.1739 (intraday)
- Key Support: 1.1620 (April 8 low)
- Next Resistance: 1.1760–1.1800
The pair has formed a bullish continuation pattern over the past five trading days. Starting from the April 3 lows near 1.1515, EUR/USD has printed higher lows consistently—a textbook sign of strengthening demand. Friday’s high at 1.1739 represents the strongest level touched in this uptrend, and closing above 1.1719 confirms that momentum remains firmly in the bulls’ favor.
The 50-pip range printed Friday (1.1639 open to 1.1719 close) demonstrates volatility expansion on the upside, often a precursor to extended moves. Traders implementing our grid trading strategy would be particularly interested in these volatility markers for position sizing.
What’s Driving the Euro?
Several factors are supporting Euro strength:
- Better-than-expected Eurozone data – Manufacturing PMI readings have stabilized above consensus expectations
- Rate differential – The ECB’s hawkish stance continues to support the Euro relative to a cooling Fed narrative
- Technical positioning – After weeks of consolidation, breaking above 1.17 has triggered algorithmic buy orders
Key Economic Events This Week
- Tuesday, April 14: Eurozone CPI (final) – Could reinforce ECB tightening expectations
- Thursday, April 16: US Initial Jobless Claims – Watch for signs of labor market cooling
- Friday, April 17: US Retail Sales – Critical inflation gauge for Fed policy outlook
These releases could accelerate moves in either direction, so risk management is essential.
Other Key Pairs to Monitor
GBPUSD – Trading around 1.2650, showing resilience alongside Euro strength USDJPY – Holding near 149.50 as divergent policy paths support yen demand
Trading Outlook
Bull Case: A break and close above 1.1750 could accelerate moves toward 1.1800 and beyond, targeting the 2024 highs near 1.1850.
Bear Case: Failure to sustain above 1.1720 with a close back below 1.1680 would suggest the breakout was premature, potentially retesting 1.1620 support.
Risk Management: Given the volatile week ahead, consider tightening stops at key support levels. Position sizing should reflect the binary nature of economic data releases.
Ready to Trade These Levels?
Our free SteadyPips EA and GridMaster EA can help you automate these setups with built-in risk management. Both tools are optimized for breakout trading and support level reversals—exactly the patterns we’re seeing in EURUSD this week.
This analysis is for educational purposes only and does not constitute financial advice. Trading forex carries significant risk. Past performance is not indicative of future results.