EURUSD – Euro Remains In Uptrend Above 1.1400 Vs US Dollar

Aayush Jindal TitanFX

Key Highlights

The Euro made a nice upside move this past week and now looks set to challenge 1.1500 vs the US Dollar.
There are a few important bullish trend lines with supports as 1.1420 and 1.1370 forming on the 4-hours chart of EUR/USD.
Today in the Euro Zone, the CPI for June 2017 will be released, which is forecasted to increase by 1.3% (YoY), just as the last reading.

EURUSD Technical Analysis

The Euro survived losses below 1.1400 this past week against the US Dollar. The EUR/USD is now positioned well for more gains towards or above 1.1500.

There was a dip towards 1.1380-70 where the pair found support and recovered to trade above 1.1440. On the downside, there are a few important bullish trend lines with supports as 1.1420 and 1.1370 forming on the 4-hours chart.

At the moment, the pair seems to be correcting from the recent high of 1.1474. An initial support sits around the 38.2% Fib retracement level of the last wave from the 1.1370 low to 1.1474 high.

On the upside, there is a connecting resistance trend line at 1.1505. Sooner or later, there are chances of EUR/USD testing 1.1500-1.1510 in the near term.

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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