EUR/USD targets new gains: Is a fresh increase on the horizon?

Aayush Jindal TitanFX

Key highlights

EUR/USD found support near the 1.0825 zone.
It cleared a connecting bearish trend line with resistance at 1.0860 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair tested the 1.0825 support zone and remained stable above the 200 simple moving average (green, 4-hour). A low was formed at 1.0825 and the pair is now rising. There was a move above a connecting bearish trend line with resistance at 1.0860.

The pair climbed above the 100 simple moving average (red, 4-hour). It is now testing the 38.2% Fib retracement level of the downward move from the 1.0948 swing high to the 1.0825 low.

On the upside, the pair could face resistance near the 1.0875 level. The next resistance sits at 1.0900 or the 61.8% Fib retracement level of the downward move from the 1.0948 swing high to the 1.0825 low.

The main hurdle sits at 1.0920. A clear move above the 1.0920 resistance might send it toward the 1.0950 level. Any more gains might open the doors for a test of the 1.1000 zone in the coming days.

Immediate support is near the 1.0845 level. The next major support is near the 1.0820 level. A downside break and close below the 1.0820 support zone could open the doors for more losses. In the stated case, EUR/USD might decline toward the 1.0750 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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