Key Highlights
- EUR/USD is aiming for a move toward the 1.0920 resistance.
- A bullish flag seems to be forming with resistance at 1.0845 on the 4-hour chart.
- Bitcoin is showing positive signs and might extend gains above $63,000.
- Gold prices surged above the $2,050 resistance zone.
EUR/USD Technical Analysis
The Euro started a recovery wave above the 1.0820 level against the US Dollar. EUR/USD is now consolidating gains and might aim for a move toward the 1.0920 level.
Looking at the 4-hour chart, the pair settled above the 1.0800 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). It is now aiming for more gains above the 1.0850 level.
There is also a bullish flag that seems to be forming with resistance at 1.0845 on the same chart. A clear move above the 1.0845 level could send the pair toward 1.0890.
The main resistance is near 1.0920. A close above the 1.0920 zone could open the doors for more upsides. The next stop for the bulls might be 1.0980.
Immediate support is near the 1.0820 level. The next major support is at 1.0800 or the 100 simple moving average (red, 4-hour). If there is a downside break below the 1.0800 support, the pair could decline toward the 1.0740 support.
Looking at Gold, there was a strong increase above the $2,050 resistance and the bulls might aim for a move toward $2,120.
Economic Releases
- Euro Zone Sentix Investor Confidence for March 2024 – Forecast -12.2, versus -12.9 previous.
