EUR/USD rallies above 1.1100, more gains possible
|Key Highlights
- EUR/USD gained traction and rallied above the 1.1100 resistance zone.
- A key bullish trend line is forming with support at 1.1010 on the 4-hours chart.
EUR/USD Technical Analysis
Looking at the 4-hours chart, the pair settled nicely above the 1.1000 zone, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
It opened the doors for more gains and the pair rallied above the 1.1100 resistance. It traded to a new multi-week high at 1.1145 and recently corrected a few points.
On the downside, there are many supports forming near the 1.1050 and 1.1020 levels. The 50% Fib retracement level of the recent rally from the 1.0933 low to 1.1145 low is also near 1.1040.
Moreover, there is a key bullish trend line forming with support at 1.1010. If the pair fails to stay above the trend line support, it could decline towards the 1.0900 zone or the 100 simple moving average (red, 4-hours).
On the upside, an initial resistance is near the 1.1150 level. A clear break above 1.1150 might lead the pair towards the 1.1200 resistance zone in the coming sessions.
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