EUR/USD Breakout Hits Major Resistance at $1.12

The EUR/USD pair has broken out of its recent range, but it now faces its first major test. According to City Index UK, the pair's breakout faces a critical resistance level at around $1.12.

This level marks a significant milestone in the pair's upward trajectory and could pose a challenge for bulls looking to push prices even higher.

The EUR/USD has been trending upwards over the past few days, driven by a combination of factors including economic data releases and central bank decisions. However, as the pair approaches this key resistance level, traders are becoming increasingly cautious.