Key Highlights
- EUR/USD seems to be eyeing an upside break above the 1.1380 resistance.
- A key bullish trend line is forming with support near 1.1315 on the 4-hours chart.
- GBP/USD extended increase above the 1.3550 resistance zone.
- Gold price is struggling to stay above the $1,800 zone.
EUR/USD Technical Analysis
This past week, the Euro tried to clear the 1.1380 resistance zone against the US Dollar. However, EUR/USD failed and corrected lower below 1.1350.
Looking at the 4-hours chart, the pair remained well bid above the 1.1250, the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours).
The pair started a fresh increase above the 1.1300 level. There is also a key bullish trend line forming with support near 1.1315 on the same chart. On the upside, the pair is facing resistance near 1.1380 level.
The next major resistance is near the 1.1400 level. A close above 1.1400 could open the doors for a steady increase. If there is a fresh decline, the bulls might defend the trend line at 1.1315.
The next major support is near the 1.1300 level. Any more losses might send the pair towards the 1.1280 level. A downside break below 1.1280 could lead the pair towards the 1.1250 level.
Looking at GBP/USD, the pair gained pace for a move above the 1.3550 level. If the bulls remain in action, the pair could rise above 1.3620.
Economic Releases
- Euro Zone Sentix Investor Confidence for Jan 2022 – Forecast 12.0, versus 13.5 previous.
- Euro Zone Unemployment Rate for Nov 2021 – Forecast 7.2%, versus 7.3% previous.
