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EUR/USD Continues To Struggle Near 1.1350

Aayush Jindal

Aayush Jindal

Key Highlights

  • EUR/USD is facing a major resistance near 1.1350 and 1.1380.
  • A key bullish trend line is forming with support at 1.1250 on the 4-hours chart.
  • GBP/USD gained pace for a move above the 1.3300 resistance zone.
  • Gold price seems to be eyeing an upside break above $1,820.

 

EUR/USD Technical Analysis

The Euro formed a base above the 1.1200 level against the US Dollar. EUR/USD started a decent recovery wave above the 1.1250 and 1.1280 levels.

Looking at the 4-hours chart, the pair even broke the 1.1300 level and the 100 simple moving average (red, 4-hours). The pair even spiked above the 200 simple moving average (green, 4-hours), but there was no clear move above the 1.1350 level.

The next major resistance is near the 1.1380 level. A clear move above 1.1350 and 1.1380 could set the pace for a larger increase. The next major resistance is near 1.1450.

On the downside, an immediate support is near the 1.1280 level. There is also a key bullish trend line forming with support at 1.1250 on the same chart. Any more losses might send the pair towards the 1.1200 level.

Looking at GBP/USD, the pair climbed higher nicely above the 1.3300 level and might continue to rise above the 1.3400 level in the near term.

Economic Releases

  • Dallas Fed Manufacturing Business Index for Dec 2021 – Forecast 13.2, versus 11.8 previous.