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EUR/USD Strengthens Further As Buyers Press Their Advantage

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Aayush Jindal

Key Highlights

  • EUR/USD started a fresh increase above the 1.1520 resistance.
  • A contracting triangle is forming with resistance at 1.1600 on the 4-hour chart.
  • GBP/USD could gain pace if it clears the 1.3550 resistance.
  • Gold prices climbed higher above $4,350 and might continue to rise.

EUR/USD Technical Analysis

The Euro formed a base above 1.1380 against the US Dollar. EUR/USD started a fresh increase above the 1.1450 and 1.1500 resistance levels.

Looking at the 4-hour chart, the pair gained pace for a move toward 1.1580. A high was formed at 1.1581, and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 1.1352 swing low to the 1.1581 high.

The pair is now well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). On the upside, the pair could face resistance near 1.1580.

The next major resistance might be 1.1600. There is also a contracting triangle forming with resistance at 1.1600. A close above 1.1600 could start another steady increase. In the stated case, the bulls could aim for a move to 1.1650.

Any more gains might open the doors for a test of 1.1685. If there is a downside correction, the pair might find bids near 1.1540. The next major support could be near 1.1500.

The main support might be 1.1465 and the 50% Fib retracement. A downside break and close below 1.1465 might send the pair toward 1.1400. Any more losses could open the doors for a test of 1.1350.

Looking at GBP/USD, the pair seems to be gaining pace above 1.3450 and might aim for a retest of the 1.3550 resistance.

Upcoming Key Economic Events:

  • Euro Zone Sentix Investor Confidence for August 2026 - Forecast -3.2, versus -3.1 previous.
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