EUR/USD Eyes Key Support at 1.1534/78 as Bulls and Bears Clash

The EUR/USD pair is currently testing confluent uptrend support at 1.1534/78, which is also defined by the 38.2% retracement of the June advance and the May/January swing lows.

According to City Index UK, a close above this threshold would be needed to fuel the next leg of the advance, with subsequent resistance objectives eyed at the 61.8% retracement at 1.1661 and the 50% retracement of the yearly range near 1.1704.

On the other hand, losses below the support level would invalidate the uptrend and threaten further losses heading into September.