EUR/USD Turned Positive Above 1.1050
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Key Highlights
- This past week, EUR/USD climbed above the 1.1050 and 1.1100 resistance levels.
- A key rising channel is forming with support near 1.1100 on the 4-hours chart.
EUR/USD Technical Analysis
This past week, the Euro started a steady increase above the 1.1050 resistance area against the US Dollar. EUR/USD even surged above 1.1100 before it ran into the 1.1200 resistance area.
Looking at the 4-hours chart, the pair settled above the 1.1100 resistance, the 100 simple moving average (red), and the 200 simple moving average (green).
A high was formed near 1.1199 before the pair started a downside correction. There was a break below the 1.1150 level, and the 38.2% Fib retracement level of the upward move from the 1.1039 low to 1.1192 high.
However, there are many supports on the downside, starting with 1.1100. Moreover, there is a key rising channel is forming with support near 1.1100 on the same chart.
The 61.8% Fib retracement level of the upward move from the 1.1039 low to 1.1192 high is also near the channel support area. If there is a downside break below the 1.110 support area, the pair could correct further towards the 1.1050 support zone.
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