EUR/USD pushes upward — Bullish momentum supports rally extension
Key highlights
- EUR/USD extended gains above the 1.1650 resistance.
- The pair is now consolidating below the 1.1750 resistance on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair started an upward move by clearing a bullish flag pattern with resistance at 1.1565. It settled above the 1.1650 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
The pair even cleared the 1.1720 level and tested the 1.1750 zone. It is now consolidating gains. On the downside, immediate support is near the 1.1680 level. The next key support sits near 1.1640.
Any more losses could send the pair toward the 1.1600 support zone. If the bulls remain active above the stated support levels, there could be a fresh increase. On the upside, the pair could face resistance near the 1.1750 level.
The next key resistance sits near the 1.1780 level. The first major resistance sits at 1.1800. A close above the 1.1800 level could set the pace for another increase. In the stated case, the pair could even clear the 1.1880 resistance. The next major stop for the bulls could be near the 1.1950 resistance.
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.
