Key Highlights
- EUR/USD is holding gains above the 1.0980 level.
- A key bullish trend line is forming with support near 1.0980 on the 4-hour chart.
- GBP/USD is also consolidating gains near the 1.2700 level.
- Gold prices are accelerating higher toward the $2,080 level.
EUR/USD Technical Analysis
The Euro remained well-bid above the 1.0840 level against the US Dollar. EUR/USD climbed higher above the 1.0920 level to move into a positive zone.
Looking at the 4-hour chart, the pair settled above the 1.0950 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).
Finally, the pair spiked above the 1.1000 level. A high was formed near 1.1040 and the pair is now consolidating gains. It is trading near the 1.1000 zone. On the downside, the first key support is near the 1.0980 level.
There is also a key bullish trend line forming with support near 1.0980 on the same chart. The next major support is 1.0945, below which the pair might decline and test 1.0920. Any more losses might send the pair toward the 1.0840 support.
On the upside, immediate resistance is near the 1.1040 level. The next key resistance is near the 1.1120 level. A close above the 1.1120 zone could open the doors for more upsides. The next stop for the bulls might be 1.1200.
Looking at GBP/USD, the pair remained in a positive zone and the bulls seem to be aiming for a move toward the 1.2850 level.
Economic Releases
- US Housing Price Index for Oct 2023 (MoM) – Forecast +0.5%, versus +0.6% previous.
