EURUSD Tests Key Resistance Near 1.1600 Amid Dollar WeaknessEUR/USDOANDA:EURUSDFM-ForexMastermind1. Macro Driver EUR/USD edged lower below the 1.1600 level during Friday's European session. The pair came under mild pressure as the US Dollar recovered slightly following Thursday's sharp decline driven by profit-taking. Ongoing uncertainty surrounding US-Iran tensions has renewed safe-haven demand for the Greenback, while the Euro is taking a breather after its recent rally supported by the ECB's relatively hawkish policy outlook. 2. Technical Analysis a. Market Structure & Trend From a technical perspective, the bearish structure remains intact as EUR/USD has not yet managed to break above the 1.1590 resistance area, which continues to cap upside momentum. At the same time, the pair is attempting to push higher and establish a short-term bullish trend if buyers can secure a decisive breakout. b. Key Resistance, Support & Liquidity Zones Immediate Resistance:1.1590 – 1.1600 This area marks a previous rejection zone for buyers and aligns with a descending trendline. A successful breakout could attract stronger bullish momentum and open the door for further gains. Nearest Support:1.1555 – 1.1565 This zone provides the first layer of support and may help stabilize price action during short-term pullbacks. Major Liquidity Zone:1.1500 – 1.1510 This former swing-low area remains a critical defensive zone for buyers. Holding above it would help prevent a deeper decline and preserve the broader recovery outlook. 3. Outlook Developments surrounding US-Iran tensions and the ECB's policy stance continue to influence market sentiment. The recent weakness in the US Dollar has provided support for the Euro, allowing EUR/USD to maintain a constructive tone. In the near term, bullish momentum could remain in place, with traders watching closely for a potential breakout from the current consolidation range. A sustained move above resistance may confirm a continuation of the recovery trend. Wish you a successful trading day