EUR/USD Eyes Upside Break Above 1.2000
|Key Highlights
- EUR/USD gained bullish momentum above the 1.1920 resistance.
- A daily close above 1.2000 might start a steady increase.
Looking at the 4-hours chart, the pair cleared a couple of bullish continuation patters near 1.1770 and 1.1925. It opened the doors for a decent increase above 1.1950. The pair even settled above the 1.1950 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
It is now consolidating gains near the 1.1990 and 1.2000 resistance levels. A successful daily close above the 1.2000 level could open the doors for a steady increase.
The next major resistance is near 1.2050, above which EUR/USD could test 1.2120. If there is a downside correction, the pair may possibly find bids near the 1.1935 level. The next major support is near the 1.1900 level or the 200 simple moving average (green, 4-hours).
Any more losses might lead the pair towards the key 1.1850 support zone and the 100 simple moving average (red, 4-hours).
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