EUR/USD could accelerate higher if it clears 1.1880
|Key Highlights
- EUR/USD found support near 1.1780 and started a fresh increase.
- A crucial rising channel is forming with support near 1.1740 on the 4-hours chart.
Looking at the 4-hours chart, the pair tested the 50% Fib retracement level of the upward move from the 1.1688 low to 1.1881 high. It also remained well bid above 1.1750, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
More importantly, there is a crucial rising channel forming with support near 1.1740. The pair is currently rising and showing positive signs above the 1.1800 level.
The main resistance on the upside is still near 1.1880, above which the pair could accelerate higher towards the 1.1920 level. The next major resistance is near the 1.1950.
If there is a downside correction, the 1.1800 level is an initial support. The main support seems to be forming near the channel support, 1.1750, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
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