Key Highlights
- EUR/USD started a fresh increase above the 1.1120 resistance.
- It cleared a major bearish trend line with resistance at 1.1135 on the 4-hour chart.
- GBP/USD extended gains and traded above 1.3300.
- Bitcoin climbed higher above the $62,500 and $63,200 resistance levels.
EUR/USD Technical Analysis
The Euro remained supported above the 1.1065 level against the US Dollar. EUR/USD formed a base and started a fresh increase above 1.1100.
Looking at the 4-hour chart, the pair climbed the 1.1120 and 1.1135 resistance levels. It also cleared a major bearish trend line with resistance at 1.1135. However, the pair seems to be facing resistance near the 1.1180 level.
It is now consolidating near the 23.6% Fib retracement level of the upward move from the 1.1068 swing low to the 1.1181 high. The pair is also above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the upside, the pair could face hurdles near the 1.1180 zone. A clear move above the 1.1180 zone might set the pace for a move toward 1.1200. Any more gains might call for a test of the 1.1250 zone.
On the downside, immediate support sits near the 1.1140 level, below which the pair might test 1.1120. The next key support sits near the 1.1060 level. Any more losses could send the pair toward the 1.1020 support zone.
Looking at Bitcoin, the bulls remained in control, and they were able to push the price above the $63,200 resistance zone.
Upcoming Economic Events:
- Euro Zone Manufacturing PMI for Sep 2024 (Preliminary) – Forecast 45.8, versus 45.8 previous.
- Euro Zone Services PMI for Sep 2024 (Preliminary) – Forecast 52.8, versus 52.9 previous.
- US Manufacturing PMI for Sep 2024 (Preliminary) – Forecast 47.9, versus 48.5 previous.
- US Services PMI for Sep 2024 (Preliminary) – Forecast 55.5, versus 55.7 previous.
