Key Highlights
- EUR/USD is attempting a fresh increase toward the 1.0930 resistance.
- It broke a major bearish trend line with resistance at 1.0815 on the 4-hour chart.
EUR/USD Technical Analysis
Looking at the 4-hour chart, the pair traded above a major bearish trend line with resistance at 1.0815. There was a move above the 1.0850 level, but the bears faced resistance near the 1.0885 level. A high was formed near 1.0888 and the pair is now well above the 100 simple moving average (red, 4-hour).
However, the pair failed to settle above the 200 simple moving average (green, 4-hour). On the upside, the pair is facing resistance near the 1.0840 level.
A close above the 1.0840 zone could open the doors for more upsides. The next stop for the bulls might be 1.0885. Any more gains might send EUR/USD toward 1.0930.
Immediate support is near the 1.0800 level. The first major support sits near the 1.0780 level and the 100 simple moving average (red, 4-hour). The next major support sits at 1.0765, below which the pair might gain bearish momentum. In the stated case, the pair could even visit the 1.0720 support level.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
AUD/USD struggles near multi-month low below 0.6400, US CPI eyed
AUD/USD enters a bearish consolidation phase near a multi-month low of 0.6365 set on Tuesday. China's economic woes and less hawkish RBA remain a drag on the pair. Traders await the US CPI report on Wednesday before placing fresh directional bets.
USD/JPY drops from 152.00 after Japanese PPI data
USD/JPY eases from 152.00 in Wednesday's Asian trading, stalling a two-day uptrend. A hot Japan PPI report leaves the door open for a BoJ rate hike next week, supporting the Japanese Yen while the US Dollar upswing takes a breather ahead of the US CPI data release.
Gold price holds firm at around $2,700 ahead of US CPI report
Gold price sticks to its positive bias for the third straight session and advances to over a two-week high near $2,700 early Wednesday. Geopolitical tensions and the resumption of buying by China’s central bank for the first time in seven months act as a tailwind for the XAU/USD.
Ripple's XRP breaks out of downtrend as RLUSD receives greenlight from New York regulators
Ripple's CEO Brad Garlinghouse announced on Tuesday that the company received a green light from the New York Department of Financial Services on the launch of its stablecoin RLUSD.
How the US-China trade dispute is redefining global trade
Since Donald Trump took office in 2017, trade flows and market shares have changed substantially. We think that shift is set to continue under looming tariffs and a new protectionist environment.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.