EUR/USD gains momentum, yet critical hurdles could limit upside
|Key highlights
- EUR/USD is attempting a fresh increase above the 1.1650 resistance.
- It cleared a key declining channel with resistance at 1.1685 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair cleared a key declining channel with resistance at 1.1685. The pair even climbed 1.1700, and settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the upside, the pair now faces resistance near 1.1730. The next key resistance sits at 1.1750. A close above 1.1750 could set the pace for another increase.
In the stated case, the pair could rise toward 1.1800, above which the bulls could aim for a move toward 1.1840. On the downside, immediate support is 1.1680 and the same channel’s trend line.
The next key support sits at 1.1645 and the 200 simple moving average (green, 4-hour). Any more losses could send the pair toward the 1.1600 support zone.
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