EUR/USD regains momentum but can it continue higher?
Key highlights
- EUR/USD started a fresh increase above the 1.1680 resistance zone.
- It cleared a key bearish trend line with resistance at 1.1660 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair settled above the 1.1700 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There was a clear move above the 50% Fib retracement level of the downward move from the 1.1829 swing high to the 1.1565 low.
On the upside, the pair now faces resistance near the 1.1765 level. It is close to the 76.4% Fib retracement level of the downward move from the 1.1829 swing high to the 1.1565 low.
The next key resistance sits near the 1.1800 level. A close above the 1.1800 level could set the pace for another increase. In the stated case, the pair could rise toward the 1.1840 resistance. The next major stop for the bulls could be near the 1.1880 resistance.
On the downside, immediate support is near the 1.1700 level and the 100 simple moving average (red, 4-hour). The next key support sits near 1.1660. Any more losses could send the pair toward the 1.1620 support zone.
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.
