Key Highlights
- EUR/USD climbed higher above the 1.0680 resistance zone.
- It broke a major bearish trend line with resistance near 1.0675 on the 4-hours chart.
- GBP/USD also recovered above the 1.2000 resistance zone.
- Gold price surged above the $1,850 and $1,860 resistance levels.
EUR/USD Technical Analysis
The Euro found support near the 1.0525 zone against the US Dollar. EUR/USD formed a base and started a steady increase above the 1.0600 resistance zone.
Looking at the 4-hours chart, the pair gained pace above the 1.0650 resistance and the 100 simple moving average (red, 4-hours). Besides, the pair broke a major bearish trend line with resistance near 1.0675.
It opened the doors for more gains above the 1.0680 resistance and the 200 simple moving average (green, 4-hours). The pair is now trading above the 1.0700 level.
An immediate resistance is near the 1.0740 level. It is near the 1.236 Fib extension level of the downward move from the 1.0697 swing high to 1.0525 low. The next major resistance is near the 1.0800 level.
A clear move above the 1.0800 resistance might start another increase towards the 1.0920 zone. Any more gains might send the pair towards 1.1000.
On the downside, an immediate support is near the 1.0700. The next major support is near the 1.0680 level, below which there is a risk of a move towards the 1.0630 level and the 100 simple moving average (red, 4-hours).
Looking at gold price, there was a strong rally and the price was able to climb higher towards the $1,900 resistance zone.
Economic Releases
- Eurogroup Meeting.
