EUR/USD Showing Positive Signs Above 1.1000

Aayush Jindal TitanFX

Key Highlights

After a long struggle, the Euro managed to clear the 1.1000 resistance against the US Dollar.
A connecting bullish trend line is forming with support near 1.1000 on the 4-hours chart of EUR/USD.

EUR/USD Technical Analysis

Looking at the 4-hours chart, the pair broke a couple of important resistances near the 1.1000 level and even settled above the 100 simple moving average (red, 4-hours).

It opened the doors for more gains above the 1.1020 resistance and the 200 simple moving average (green, 4-hours). The pair even broke the 1.1050 resistance and traded as high as 1.1062.

Recently, the pair started a downside correction and traded below 1.1040. It corrected below the 23.6% Fib retracement level of the upward move from the 1.0948 low to 1.1062 high. However, there are many key supports near the 1.1000 level (the previous resistance).

Moreover, there is a connecting bullish trend line forming with support near 1.1000 on the same chart. Besides, the 50% Fib retracement level of the upward move from the 1.0948 low to 1.1062 high is also near the 1.1000 area.

Therefore, if there is a downside correction towards 1.1000, the pair is likely to find a strong buying interest. On the upside, there are hurdles near the 1.1060 and 1.1075 levels, above which EUR/USD could rise towards the 1.1100 level.

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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