EUR/USD Breaks Resistance as Bullish Momentum Builds

Key Facts

The EUR/USD pair has initiated a fresh upward trend, successfully clearing the 1.1520 resistance level as buying pressure intensifies. According to technical reports, a contracting triangle pattern is forming on the 4-hour chart with immediate resistance identified at 1.1600. This bullish momentum follows the establishment of a solid support base above 1.1380, which allowed the pair to break through previous resistance zones.

Contextual economic data from the Eurozone presents a mixed picture for the single currency; German Retail Sales (YoY) recorded a -0.2% decline on August 3, 2026, performing better than the forecasted -0.7%. Meanwhile, per market data, the Spanish Manufacturing PMI reached 50.2, slightly beating the expected 50.0 level. These figures provide a fundamental backdrop to the technical breakout observed in the currency pair.

Traders are now focused on the 1.1600 resistance level as the next major catalyst for a sustained rally. Looking ahead, the economic calendar highlights the upcoming release of Services PMI data for Spain and Italy on August 5, 2026. These events will be closely watched for their potential impact on Euro volatility, especially as the pair maintains its position above key technical support levels.