EUR/USD rally meets a crucial barrier with bulls on watch

Aayush Jindal TitanFX

Key highlights

EUR/USD regained traction and climbed toward the 1.1580 resistance.
A bullish trend line is forming with support near 1.1535 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair tested the 1.1580 resistance. It settled well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). On the upside, the pair is now facing a major hurdle at 1.1580.

The next major resistance might be 1.1620. A close above 1.1620 could start another steady increase. In the stated case, the bulls could aim for a move to 1.1685.

Any further gains might open the door for a test of 1.1750. If there is a fresh decline, the pair might find bids near 1.1535. There is also a bullish trend line forming with support at 1.1535. The next major support could be near 1.1500 and the 100 simple moving average (red, 4-hour).

The main support might be 1.1460 and the 200 simple moving average (green, 4-hour). A downside break and close below 1.1460 might send the pair toward 1.1420. Any more losses could open the door for a test of 1.1350.

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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