The EUR/USD pair, after a recent surge, is currently facing resistance, raising questions about the sustainability of its upward trajectory. Earlier this week, the Euro bulls experienced a momentary victory, but a subsequent pullback has cast doubts over the continuation of the bullish trend. The currency pair managed to break through the descending trend channel’s upper boundary last week, reaching a high at 1.0695. However, the appearance of a Bearish Engulfing Candlestick pattern suggests potential bearish momentum. This pattern, combined with the price’s movement back inside the 21-day simple moving average (SMA) based Bollinger Band, hints at a possible trend reversal. On the technical front, immediate support for the EUR/USD lies near the 1.0480 – 1.0495 range, with further support around the December 2022 and October 2023 lows near 1.0445. Conversely, resistance might be encountered near the recent peak of 1.0700, with subsequent barriers at 1.0740, 1.0770, 1.0835, and 1.0945.