(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

EUR/USD Turns Attractive After Pullback — Key Levels To Watch

Article background

Aayush Jindal

Key Highlights

  • EUR/USD started a downside correction from the 1.1575 zone.
  • A key bullish trend line is forming with support at 1.1250 on the 4-hour chart.
  • GBP/USD corrected some gains and traded below 1.3300.
  • Gold prices dipped sharply from the record high and traded below $3,300.

EUR/USD Technical Analysis

The Euro gained pace for a move above the 1.1500 level against the US Dollar. EUR/USD tested the 1.1575 zone and recently started a downside correction.

Looking at the 4-hour chart, the pair traded below the 1.1500 support zone. There was a move below the 23.6% Fib retracement level of the upward move from the 1.0732 low to the 1.1573 high. However, the pair is still well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

There is also a key bullish trend line forming with support at 1.1250 on the same chart. The trend line is near the 38.2% Fib retracement level of the upward move from the 1.0732 low to the 1.1573 high.

On the downside, immediate support sits near the 1.1300 level. The next key support sits near the 1.1260 level and the trend line. Any more losses could send the pair toward the 1.1200 level.

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 zone. A close above the 1.1450 level could set the tone for another increase. In the stated case, the pair could even clear the 1.1500 resistance.

Looking at GBP/USD, the pair corrected some gains below 1.3300 but the bulls might remain active above the 1.3280 level.

Upcoming Economic Events:

  • Dallas Fed Manufacturing Business Index for March 2025 – Forecast 24, versus 24.5 previous.
Excellent
Trustpilot
Open a Live accountOpen a Demo account
Loading