EUR/USD tests support — Can it recover and resume upside?

Aayush Jindal TitanFX

Key highlights

EUR/USD corrected gains and tested the 1.1665 support.
A bullish trend line is forming with support at 1.1690 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair is still above the 1.1665 pivot level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). Besides, there is a bullish trend line forming with support at 1.1690.

On the upside, the pair faces resistance at 1.1760 or the 50% Fib retracement level of the downward move from the 1.1849 swing high to the 1.1669 low.

The first major resistance sits at 1.1800. The main resistance could be 1.1850. A close above 1.1850 could open doors for gains above 1.1920. In the stated case, the bulls could aim for a move to 1.2000.

Immediate support is seen near 1.1690, the 100 simple moving average (red, 4-hour), and the trend line. The next support could be 1.1620 and the 200 simple moving average (green, 4-hour). A close below 1.1620 might push the pair toward 1.1550. Any more losses could initiate a fresh move to 1.1420 in the coming days.

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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