Key Highlights
- EUR/USD is attempting a steady recovery wave above 1.1620.
- A key bullish trend line is forming with support near 1.1640 on the 4-hours chart.
EUR/USD Technical Analysis
Looking at the 4-hours chart, the pair even traded above the 1.1620 level and the 100 simple moving average (red, 4-hours). However, it seems to be facing resistance near the 1.1650 level.
The 200 simple moving average (green, 4-hours) is also near the 1.1665 level. A clear break above the 1.1665 level could open the doors for more gains. The next major resistance on the upside is near the 1.1720 level.
The next key resistance is near the 1.1750 level, above which the pair could rise towards 1.1800. An immediate support on the downside is near the 1.1640 level.
There is also a key bullish trend line forming with support near 1.1640 on the same chart. The next major support is near 1.1620, below which there is a risk of a larger decline. In the stated case, the pair could decline towards the 1.1550 level.
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