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EUR/USD Poised for More Gains as Bulls Regroup

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Aayush Jindal

Key Highlights

  • EUR/USD started a fresh increase above the 1.1250 resistance.
  • A short-term bullish trend line is forming with support at 1.1345 on the 4-hour chart.
  • GBP/USD gained pace and traded to a new multi-month high above 1.3300.
  • Gold prices traded to a new record high and started a consolidation phase.

EUR/USD Technical Analysis

The Euro remained in a bullish zone above 1.1250 against the US Dollar. EUR/USD cleared the 1.1350 and 1.1380 levels before there was a consolidation phase.

Looking at the 4-hour chart, the pair settled well above the 1.1320 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There is also a short-term bullish trend line forming with support at 1.1345.

If there is a fresh increase, the pair could face resistance near the 1.1420 level. The next major resistance is near the 1.1450 level. The main resistance is now forming near the 1.1500 zone.

A close above the 1.1500 level could set the tone for another increase. In the stated case, the pair could even clear the 1.1550 resistance. On the downside, immediate support sits near the 1.1435 level and the trend line.

The next key support sits near the 1.1280 level. Any more losses could send the pair toward the 1.1220 level, where the bulls might take a stand.

Looking at GBP/USD, the bulls remained in action and were able to push the pair to a new multi-month high above the 1.3300 resistance.

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