EUR/USD faces hurdles while Gold extends rally
|Key highlights
- EUR/USD is struggling to rise above the 1.0880 resistance zone.
- A major bearish trend line is forming with resistance at 1.0875 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair struggled to clear the 1.0870 and 1.0880 resistance levels. A high was formed near 1.0876 and the pair is now stuck near the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the upside, the pair is facing hurdles near 1.0880. There is also a major bearish trend line forming with resistance at 1.0875 on the same chart.
A clear move above the 1.0880 resistance could send the pair further higher. In the stated case, EUR/USD could rise toward the 1.0950 level.
Immediate support is near the 1.0820 level. The next major support is at 1.0785 or the 61.8% Fib retracement level of the upward move from the 1.0725 swing low to the 1.0876 high.
If there is a downside break below the 1.0785 support, the pair could decline toward the 1.0750 support. Any more losses might send the pair toward the 1.0720 level in the near term.
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