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EUR/USD Maintains Strength as Buyers Target Another Strong Move

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Aayush Jindal

Key Highlights

  • EUR/USD started a fresh increase above the 1.1620 resistance.
  • A major bullish trend line is forming with support at 1.1665 on the 4-hour chart.
  • GBP/USD rallied and tested the 1.3590 resistance zone.
  • USD/JPY is consolidating losses below the 148.00 resistance.

EUR/USD Technical Analysis

The Euro formed a base and started a fresh increase above 1.1550 against the US Dollar. EUR/USD cleared 1.1620 to enter a positive zone.

Looking at the 4-hour chart, the pair settled above the 1.1620 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair even surpassed the 61.8% Fib retracement level of the downward move from the 1.1768 swing high to the 1.1391 low.

On the upside, the pair now faces resistance near the 1.1720 level. The next key resistance sits near 1.1750. A close above 1.1750 could set the pace for another increase.

In the stated case, the pair could rise toward 1.1800, above which the bulls could aim for a move toward 1.1880. If the pair fails near 1.1720, there could be another decline. On the downside, immediate support is 1.1665.

There is also a major bullish trend line forming with support at 1.1665 on the same chart. The next key support sits at 1.1620. Any more losses could send the pair toward the 1.1550 support zone.

Looking at USD/JPY, the pair started a recovery wave above 147.00, but the bears were active above the 147.50 level.

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