Key Highlights
- EUR/USD started a consolidation phase below the 1.1200 resistance.
- A key bullish trend line is forming with support at 1.1145 on the 4-hour chart.
- Gold rallied to a new high near $2,685 before it faced resistance.
- Bitcoin extended gains and traded above the $65,000 level.
EUR/USD Technical Analysis
The Euro attempted an upside break above the 1.1200 level against the US Dollar. EUR/USD failed to continue higher and started a consolidation phase.
Looking at the 4-hour chart, the pair remained stable above the 1.1120 pivot level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
On the downside, immediate support sits near the 1.1140 level. There is also a key bullish trend line forming with support at 1.1145 on the same chart, below which the pair might test 1.1120. The next key support sits near the 1.1100 level and the 100 simple moving average (red, 4-hour).
Any more losses could send the pair toward the 1.1065 support zone. On the upside, the bears are active near the 1.1200 level. A close above the 1.1200 level could set the tone for another increase.
The next major resistance could be 1.1240. A clear move above the 1.1240 level might send EUR/USD toward 1.1320. Any more gains might call for a test of the 1.1350 zone.
Looking at Gold, the bulls remained in action and pushed the price to a new all-time high near $2,685 before bears appeared.
Upcoming Economic Events:
- Dallas Fed Manufacturing Business Index for Sep 2024 – Forecast -4.5, versus -9.7 previous.
- Chicago Purchasing Manager’s Index for Sep 2024 – Forecast 46.5, versus 46.1 previous.
