EUR/USD is trading at 1.1615 (+0.28%), extending its bullish momentum as it holds firmly above both the 20-day SMA (1.1594) and 50-day SMA (1.1489), confirming the pair’s uptrend. The rate is now testing the pivot level at 1.1606, with today’s high of 1.1620 just 5 pips shy of the R1 pivot resistance at 1.1635. The 20-day dynamic channel remains ascending, with immediate support at 1.1576 (-39.2 pips) and resistance at 1.1800 (+185.5 pips), while the 50-day channel also slopes upward with support at 1.1492 (-122.4 pips) and resistance at 1.1756 (+141.3 pips).

Static levels highlight key near-term barriers: S1 at 1.1575 (-40.2 pips) has held three times, while R1 at 1.1668 (+52.7 pips) marks the next overhead resistance. The RSI at 61.1 suggests neutral momentum, leaving room for further upside before overbought conditions emerge. With the ATR(14) at 0.0046, today’s range of 44 pips is in line with recent volatility.

The short-term outlook favors continuation of the uptrend, but a break above R1 (1.1635) is needed to confirm bullish acceleration. Failure to hold above the pivot (1.1606) could see a retest of dynamic support at 1.1576. Watch for US session momentum to dictate whether the pair challenges R1 or consolidates near current levels. The next catalyst is the US PCE data due tomorrow, which could either reinforce the dollar’s weakness or trigger profit-taking in EUR longs.