EUR/USD strengthens again, traders eye next upside target

Key highlights

• EUR/USD started a steady increase above the 1.1720 zone.
• A key bullish trend line is forming with support at 1.1750 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair settled above 1.1750, the 200 simple moving average (green, 4-hour), and the 100 simple moving average (red, 4-hour). A high was formed at 1.1806 before there was a pullback.

The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.1708 swing low to the 1.1806 high. On the downside, there is key support at 1.1750. There is also a bullish trend line forming with support at 1.1750. A downside break below the trend line might spark bearish moves.

The first major support is 1.1710 and the 100 simple moving average (red, 4-hour). The next support could be 1.1650 and the 200 simple moving average (green, 4-hour), below which the bears might aim for a move toward 1.1610.

Immediate resistance sits near 1.1800. The first key hurdle is seen near 1.1820. A close above 1.1820 could open the doors for a move toward 1.1850. Any more gains could set the pace for a steady increase toward 1.1920.