EUR/USD Likely Approaching Bullish Break
|Key Highlights
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The Euro recovered recently and traded above the 1.1350 resistance against the US Dollar.
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There is a major bullish trend line formed with support at 1.1350 on the 4-hours chart of EUR/USD.
EURUSD Technical Analysis
Looking at the 4-hours chart, the pair corrected above the key 1.1370 resistance as well, opening the doors for a decent rebound. Buyers even pushed the pair above the 50% Fib retracement level of the last decline from the 1.1472 high to 1.1267 low.
Besides, there was a close above the 1.1350 level, the 200 simple moving average (green, 4-hours), and the 100 simple moving average (red, 4-hours).
On the upside, the pair is facing resistance near the 1.1420-30 zone. A close above 1.1430 could clear the path for more gains towards the 1.1470 and 1.1500 resistance levels.
On the downside, an initial support is near 1.1370 and the 100 SMA. Besides, there is a major bullish trend line formed with support at 1.1350 on the same chart. If there is a close below the trend line and 1.1330, the pair may decline once again towards the 1.1260 level.
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