The euro rallied, trying to test some resistance, but has not yet broken out of the range; For now, the uptrend in EUR/USD seems intact and upside momentum may be brewing; In the future, the pair will test some key technical levels, will EUR/USD break through previous highs or fall sharply?

Eur/USD continues to trade within the 7-month range of 1.0516-1.1096, but after the rally of the past few sessions, the pair seems likely to challenge the upside.

Going into Tuesday, EUR/USD is testing the 78.6% FIpo retracement level 1.0997 line of 1.1096-1.0635. Despite hitting the 1.1012 line last month, the strength of the pair has not been sustained.

These levels may continue to provide resistance before EUR/USD hits a range of potential resistance in the 1.1076-1.1096 area.

If the pair turns lower, support may be located at the recent lows of 1.0844 and 1.0831.

Should the pair break further below these levels, a series of FIba retracement levels in the 1.0635-1.1012 zone could provide support. These include 50% FIP retracement 1.0824 line, 61.8% FIP retracement 1.0779 line and 78.6% FIP retracement 1.0716 line.

The late May low of 1.0635 was only slightly lower than the 78.6% FIP retracement 1.0640 line in the area of 1.0516-1.1096. A break below this level could see support in the 1.0635-1.0640 area, followed by previous lows of 1.0525, 1.0516, 1.0483 and 1.0443.

The June high of 1.1096 could provide resistance ahead of the March 2022 peak of 1.1185.

A complete break of these levels could mean that the uptrend is intact and further bullish sentiment could be seen.

A bullish triple moving average (TMA) formation requires a price higher than the short-term SMA, which is higher than the medium-term SMA, and the medium-term SMA is higher than the long-term SMA. All SMAs also need to have a positive gradient.