EUR/USD builds upside case as bullish signals multiply
|Key highlights
- EUR/USD started a strong increase above 1.1800 and 1.1850.
- A few key supports are forming near 1.1810 and 1.1755 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair settled above 1.1800, the 200 simple moving average (green, 4-hour), and the 100 simple moving average (red, 4-hour). The bulls even pumped the pair above 1.1850.
The current price action suggests that the bulls could aim for more gains. Immediate resistance sits near 1.1900. A close above 1.1900 could open the doors for a move toward 1.1920. Any more gains could set the pace for a steady increase toward 1.1950.
If there is no move above 1.1900, there could be a pullback. On the downside, immediate support is near the 1.1850 level. The first major area for the bulls might be near 1.1800.
The main support sits at 1.1755, below which the pair could accelerate lower. The next support could be 1.1700 and the 200 simple moving average (green, 4-hour). Any more losses might call for a test of the 100 simple moving average (red, 4-hour) at 1.1680.
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