JP Morgan discusses EUR/USD technical outlook.

"EUR/USD maintains a positive near-term trend bias while above 1.1625-1.1675 breakout area and cluster of nearby moving averages, but we suspect the rebound within the multi-quarter range is mostly done as it is approaching a cluster of resistance levels in the 1.18- and 1.19-handles.

Most notably, that area includes the 1.1855 March-April base pattern objective and 1.1987 September 2022 channel trend line that has contained the market during the formation of the current range since early- summer 2025. We expect material selling pressure in that zone during the springtime," JPM notes.

"On a longer-term basis, the 1.1214-1.134 area continues to mark a major support zone, which has kept a floor under the market since mid-2025. The recent EUR weakness reversed just above that zone in March," JPM adds.