Euro Technical Forecast: EUR/USD Bulls Emerge at Trend SupportEuro / U.S. DollarFOREXCOM:EURUSDFOREXcomEuro plunged nearly 3.8% off the yearly high last week. Despite registering an intraweek low at 1.1469, price was unable to mark a close below 1.1497. The subsequent rebound has now extended more than 1.6% off the November low and the focus is now on whether the rally marks resumption of the broader uptrend or a brief pause within a larger pullback. Initial resistance is being tested today at the 38.2% retracement of the September decline at 1.1641 with key resistance is eyed at 1.1747/75- a region defined by the 2025 high-week close (HWC), the 61.8% retracement, and the yearly high-close. A breach / weekly close above this threshold is needed to mark uptrend resumption with subsequent resistance objectives eyed at the yearly swing high, the 100% extension of the 2022 advance and the 38.2% retracement of the 2008 decline at 1.1917-1.2019. Note that the upper parallel converges on this zone into the close of the year- look for a larger reaction there IF reached. Weekly support rests 1.1497-1.1537- a region defined by the March 2020 & 2022 highs, the 78.6% retracement of the July rally, and the objective monthly open. A break / weekly close below this threshold would suggest a more significant high is in place, and a larger trend reversal is underway. Subsequent support objectives eyed at the April high-close at 1.1394 and the 2024 HWC / 38.2% retracement of the yearly range at 1.1228/54. Bottom line: Euro rebounded off uptrend support with the recovery now testing initial resistance- watch the weekly close with respect to 1.1641. From a trading standpoint, losses should be limited to 1.1537 IF price is heading higher on this stretch with a close above 1.1775 ultimately needed to mark resumption of the broader uptrend. -MB