Aayush Jindal
Key Highlights
- EUR/USD attempted another increase from the 1.1000 support.
- A major bearish trend line is forming with resistance at 1.1110 on the 4-hour chart.
- Gold rallied to a new all-time high above $2,580.
- USD/JPY extended losses below the 141.20 support.
EUR/USD Technical Analysis
The Euro found support near the 1.1000 zone against the US Dollar. EUR/USD started another increase above the 1.1050 resistance zone.
Looking at the 4-hour chart, the pair climbed above the 50% Fib retracement level of the downward move from the 1.1155 swing high to the 1.1003 low. The pair remained stable above the 200 simple moving average (green, 4-hour) but struggled to clear the 100 simple moving average (red, 4-hour).
It also faced sellers near the 61.8% Fib retracement level of the downward move from the 1.1155 swing high to the 1.1003 low at 1.1100.
Besides, there is a major bearish trend line forming with resistance at 1.1110 on the same chart. A clear move above the 100 simple moving average (red, 4-hour) and the trend line might set the pace for a move toward 1.1150. Any more gains might call for a test of the 1.1200 zone.
On the downside, immediate support sits near the 1.1040 level. The next key support sits near the 200 simple moving average (green, 4-hour) at 1.1020. A downside break below the 1.1020 level could set the pace for a larger decline. The next major support is near the 1.0950 level.
Looking at Gold, the bulls remained in action and were able to push the price to a new all-time high above $2,580 on TitanFX.
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