EUR/USD technical outlook – Fresh upside attempt in progress
|Key highlights
- EUR/USD remained in a positive zone and traded above 1.1700.
- A key bullish trend line is forming with support at 1.1705 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair remained supported and settled above the 1.1700 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). It is again rising with a move above the 50% Fib retracement level of the downward move from the 1.1779 swing high to the 1.1658 low.
On the upside, the pair could face resistance near the 1.1750 level or the 76.4% Fib retracement. The first major hurdle for the bulls could be 1.1780. A close above 1.1780 could set the pace for another increase.
In the stated case, the pair could rise toward 1.1850, above which the bulls could aim for a move toward 1.1880. Any more upsides could send the pair toward 1.1920.
On the downside, immediate support is 1.1700. There is also a key bullish trend line forming with support at 1.1705. The next key area of interest might be near 1.1680 and the 100 simple moving average (red, 4-hour).
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