EUR/USD bulls press higher – Can resistance give way this time?
Key highlights
- EUR/USD started a fresh rally from the 1.1600 region.
- A major bullish trend line is forming with support at 1.1680 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). The pair even spiked above 1.1740 before the bears appeared.
The 1.1740 and 1.1750 levels present a major hurdle for the bulls. A close above 1.1750 could set the pace for another increase. In the stated case, the pair could rise toward 1.1800, above which the bulls could aim for a move toward 1.1850.
Any more upsides could send the pair toward 1.1920. On the downside, immediate support is 1.1700. The next key area of interest might be 1.1680. There is also a major bullish trend line forming with support at 1.1680 on the same chart.
Any more losses could send the pair toward the 61.8% Fib retracement level of the upward move from the 1.1608 swing low to the 1.1759 high at 1.1665 and the 100 simple moving average (red, 4-hour).
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.
