EURUSD had been making steady gains above a rising trend line before breaking lower and pulling up for a retest of the former support around 1.1380. The current price action at 1.13498 suggests the euro is attempting to sustain its climb above this crucial resistance zone.

If that happens, EURUSD could resume the longer-term climb, especially as it sustains momentum past the latest highs near the 1.1400 major psychological mark.

From a Fibonacci perspective, the recent pullback from the highs has found support near key retracement levels. The 38.2% extension at 1.12905 could as a floor in case the selloff resumes while the 50% level at 1.12627 could be the next bearish target.

Sustained downside pressure could take EURUSD to the 61.8% extension at 1.1234 then the 76.4% level that lines up with the swing low at 1.1200, before a possible drop to the full extension at 1.1144.

The moving average configuration supports the bullish outlook, with the 100 SMA (blue line) trading above the 200 SMA (red line), confirming that the path of least resistance is to the upside. Price is currently moving above both indicators, which could act as dynamic support on any pullbacks.

Technical oscillators present a mixed picture. The stochastic indicator is hovering near the 50 level after pulling back from overbought territory, suggesting that buying pressure could resume once the oscillator finds a floor. The recent correction in momentum appears healthy and could provide the energy needed for another leg higher.

RSI is trading around the 60 area, indicating that bullish momentum remains intact without being overly extended. The oscillator has room to climb before reaching overbought levels, which could support further upside movement.

A decisive break above the channel top could target the next resistance zone around 1.1450, while a failure to hold above current levels might see EURUSD retreat to test the channel support and key Fibonacci levels below.