EUR/USD targets gains
|Key highlights
- EUR/USD started a fresh increase from the 1.0775 support zone.
- It broke a key bearish trend line with resistance at 1.0820 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair climbed above the 1.0840 level, the 200 simple moving average (green, 4-hour), and the 100 simple moving average (red, 4-hour). It broke a key bearish trend line with resistance at 1.0820.
The pair even surpassed the 61.8% Fib retracement of the downward move from the 1.0948 swing high to the 1.0775 low. The pair is now showing positive signs above the 1.0900 level.
Immediate resistance sits near the 1.0935 level. The next resistance sits at 1.0950. A clear move above 1.0950 could open the door to more gains. In the stated case, the pair could rise and test 1.1050.
Immediate support is near the 1.0880 level. The next major support is near the 1.0850 level. A downside break and close below the 1.0850 support zone could open the doors for more losses. In the stated case, EUR/USD might decline toward the 1.0820 level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.