EURUSD has recovered almost completely from the February fall and is now again testing waters around the 1.09 level, not far from the previous high and major psychological zone at 1.10. Indeed, 1.10 remains a key resistance zone that is likely to prove tough to break.

Both the 100 (orange) and 200 (red) weekly moving averages are located in the area around 1.10. The 100-week MA is at 1.0950, while the 200-week MA is located at 1.12. This makes the whole 1.10 - 1.12 area a big resistance. Crucially, this is also where the 20-year trendline stands, which was broken in February 2022 when Russia invaded Ukraine.

The confluence factors here at 1.10 - 1.12 make for a very robust resistance zone. So, even if EURUSD breaks above 1.10, it won’t be a convincing signal for bullish continuation. 

To the downside, the 1.05 zone is the first support on the weekly chart.