EUR/USD dips draw interest, bulls prepare to step in

Key highlights

• EUR/USD gained bullish pace for a move above the 1.1800 zone.
• A major bullish trend line is forming with support at 1.1680 on the 4-hour chart.

EUR/USD technical analysis

The Euro remained elevated above 1.1650 against the US Dollar. EUR/USD started a decent increase above the 1.1700 and 1.1750 resistance levels.

Looking at the 4-hour chart, the pair settled above the 1.1720 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). A high was formed at 1.1849 before there was a downside correction.

The pair dipped below 1.1780. Immediate support is seen near 1.1700 or the 38.2% Fib retracement level of the upward move from the 1.1443 swing low to the 1.1849 high.

The next support could be 1.1650 and the 50% Fib retracement or the 100 simple moving average (red, 4-hour). A close below 1.1650 might push the pair toward 1.1600 and the 200 simple moving average (green, 4-hour).

Any more losses could initiate a fresh move to 1.1500 in the coming days. On the upside, the pair faces resistance at 1.1820. The first major resistance sits at 1.1850.

The main resistance could be 1.1880. A close above 1.1880 could open doors for gains above 1.1920. In the stated case, the bulls could aim for a move to 1.2000.