EUR/USD holds support as traders weigh next upside push

Aayush Jindal TitanFX

Key highlights

EUR/USD dipped below 1.1900 and tested the 1.1780 support.
It cleared a key bearish trend line with resistance at 1.1810 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair tested the 61.8% Fib retracement level of the upward move from the 1.1577 swing low to the 1.2082 high. The pair remained stable above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

The pair is stable above 1.1780 and recently cleared a key bearish trend line with resistance at 1.1810. On the upside, the pair could face hurdles near 1.1850.

The next stop for the bulls might be 1.1890. A close above 1.1890 could open the doors for more gains. In the stated case, the bulls could aim for a move toward 1.1920. Any more gains could set the pace for a fresh move to 1.2000.

Immediate support could be 1.1780. The first major area for the bulls might be near 1.1720. The main support sits at 1.1700, below which the pair might gain bearish momentum. In the stated case, it could even revisit 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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