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EUR/USD Restarts Increase, Can Bulls Take Over?

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Aayush Jindal

Key Highlights

  • EUR/USD started a fresh increase above the 1.0820 resistance.
  • A key bullish trend line is forming with support at 1.0825 on the 4-hour chart.
  • Gold price rallied above the $2,400 resistance zone.
  • Bitcoin climbed higher and even surpassed the $66,500 resistance zone.

EUR/USD Technical Analysis

The Euro started a decent increase from the 1.0620 support against the US Dollar. EUR/USD cleared the 1.0750 and 1.0800 resistance levels to move into a positive zone.

Looking at the 4-hour chart, the pair even settled above the 200 simple moving average (green, 4-hour) and the 100 simple moving average (red, 4-hour). There was a move above the 1.0850 resistance.

The pair traded as high as 1.0895 before there was a minor pullback. The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.0723 swing low to the 1.0895 high. However, the bulls are active above 1.0820.

There is also a key bullish trend line forming with support at 1.0825 on the same chart. The next major support is at 1.0810. If there is a downside break below the 1.0810 support, the pair might test 1.0750.

On the upside, the first major resistance is near 1.0895. A clear move above the 1.0895 resistance might send it toward the 1.0920 level. Any more gains might call for a move toward the 1.0965 level in the near term.

Looking at Gold, the bulls are again in action and they managed to pump the price above the $2,400 resistance zone.

Economic Releases

  • Fed's Jefferson speech.
  • Fed's Waller speech.
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