EUR/USD holds firm at support, raising odds of additional gains
|Key highlights
- EUR/USD gained pace for a move above the 1.1620 resistance.
- A key bullish trend line is forming with support at 1.1630 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair gained pace for a move above 1.1620. It traded as high as 1.1681 and settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
It is now consolidating gains above 1.1620. There is also a key bullish trend line forming with support at 1.1630. Immediate resistance sits near 1.1660. The first key hurdle is seen near 1.1680.
A close above 1.1680 could open the doors for a move toward 1.1725. Any more gains could set the pace for a steady increase toward 1.1780.
On the downside, there is key support at 1.1630 and the trend line at 1.1620. The next support is 1.1580 and the 100 simple moving average (red, 4-hour). A close below the 100 simple moving average (red, 4-hour) could spark a bearish move and send the pair to 1.1510. Any more losses might call for a test of 1.1465.
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