Key Highlights
- EUR/USD is still trading in a positive zone above 1.0800.
- A connecting bullish trend line is forming with support at 1.0895 on the 4-hour chart.
- Gold prices rallied again and climbed above the $2,000 resistance.
- Crude oil prices are struggling and might drop below the $73.20 support.
EUR/USD Technical Analysis
The Euro started a steady increase above the 1.0850 level against the US dollar. EUR/USD even climbed toward 1.0960 before there was a downside correction.
Looking at the 4-hour chart, the pair corrected lower and tested the 1.0850 support. The bulls remained active above 1.0850 and the pair started a fresh increase. The pair settled above the 1.0880 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).
The pair is now trading above the 1.0920 level with a positive angle. Immediate resistance is near the 1.0960 level. The next key resistance is near the 1.1000 level.
The main resistance is now near the 1.1050 level. A close above the 1.1050 zone could open the doors for more upsides. The next stop for the bulls might be 1.1200.
If not, the pair might start a fresh decline below the 1.0920 support. The first major support is now forming near 1.0900. There is also a connecting bullish trend line forming with support at 1.0895 on the same chart.
The next key support sits at 1.0850, below which the pair could test the 1.0800 pivot level in the near term.
Looking at Gold, there were strong bullish moves above $2,000 and the bulls might now aim for more gains in the near term.
Economic Releases
- US New Home Sales for Oct 2023 (MoM) – Forecast -0.5% versus 12.3% previous.
