EUR/USD poised for upside break as buying pressure builds

Aayush Jindal TitanFX

Key highlights

EUR/USD stayed above 1.1675 and might attempt another increase.
A bullish trend line is forming with support at 1.1750 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair settled above the 1.1750 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). However, the bears are still active near the 1.1800 zone.

A high was formed at 1.1796, and the pair is now consolidating gains above 1.1750. There is also a bullish trend line forming with support at 1.1750 on the same chart.

On the upside, the pair faces resistance at 1.1780. The first major resistance sits at 1.1800. The main resistance could be 1.1840. A close above 1.1840 could open doors for gains above 1.1880. In the stated case, the bulls could aim for a move to 1.1950.

Immediate support is seen at 1.1750. The next support could be 1.1720. A close below 1.1720 might push the pair toward 1.1675. Any more losses could initiate a fresh move to 1.1550 in the coming days.

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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