Yesterday, EUR/USD climbed above 1.1700 for the first time this year. The last time the euro traded above this level was in autumn 2019.
The rally has been driven mainly by dollar weakness, fueled by Trump administration policies. This week alone, EUR/USD has gained over 2%, as tensions grew between President Trump and Fed Chair Jerome Powell.
According to Reuters, Trump called Powell “terrible” and said he was considering three or four potential replacements, possibly announcing a new Fed Chair by September or October, even though Powell’s term runs until May 2026.
The EUR/USD chart shows an ascending channel (highlighted in blue):
→ Midweek, price consolidated near the channel’s median line (arrow 1);
→ A strong bullish move broke through the 1.6300 resistance level (arrow 2);
→ Long upper wicks on recent candles (circled) point to selling pressure near the upper boundary.
In the near term, price may consolidate above 1.6300 around the median line. A clear breakout or reversal would likely need a major fundamental catalyst.
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