EUR/USD builds on gains as bulls eye higher levels

Aayush Jindal TitanFX

Key highlights

EUR/USD started a fresh increase above 1.1500.
It traded above a key bearish trend line with resistance at 1.1410 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair gained pace for a move toward 1.1550. There was a close above 1.1500, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).

A high was formed at 1.1558, and the pair is now consolidating gains. If there is a downside correction, the pair might find support near 1.1480 or the 38.2% Fib retracement level of the upward move from the 1.1353 swing low to the 1.1558 high.

If there are more losses, the pair could find bids near the 50% Fib retracement level at 1.1455. The main support could be 1.1430 or the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

A downside break and close below 1.1430 might send the pair toward 1.1350. Any more losses could open the doors for a test of 1.1300.

On the upside, the pair could face resistance near 1.1550. The next major resistance might be 1.1580. A close above 1.1580 could start another steady increase. In the stated case, the bulls could aim for a move to 1.1620. Any more gains might open the doors for a test of 1.1650.

Author

Aayush Jindal

TitanFX

I have spent over six years as a financial markets contributor and observer, and possess strong technical analytical skills. I am a software engineer by profession, loves blogging and observing financial markets.

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