Key Highlights
- EUR/USD started a fresh increase above the 1.0820 resistance.
- A key bullish trend line is forming with support at 1.0825 on the 4-hour chart.
- Gold price rallied above the $2,400 resistance zone.
- Bitcoin climbed higher and even surpassed the $66,500 resistance zone.
EUR/USD Technical Analysis
The Euro started a decent increase from the 1.0620 support against the US Dollar. EUR/USD cleared the 1.0750 and 1.0800 resistance levels to move into a positive zone.
Looking at the 4-hour chart, the pair even settled above the 200 simple moving average (green, 4-hour) and the 100 simple moving average (red, 4-hour). There was a move above the 1.0850 resistance.
The pair traded as high as 1.0895 before there was a minor pullback. The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.0723 swing low to the 1.0895 high. However, the bulls are active above 1.0820.
There is also a key bullish trend line forming with support at 1.0825 on the same chart. The next major support is at 1.0810. If there is a downside break below the 1.0810 support, the pair might test 1.0750.
On the upside, the first major resistance is near 1.0895. A clear move above the 1.0895 resistance might send it toward the 1.0920 level. Any more gains might call for a move toward the 1.0965 level in the near term.
Looking at Gold, the bulls are again in action and they managed to pump the price above the $2,400 resistance zone.
Economic Releases
- Fed’s Jefferson speech.
- Fed’s Waller speech.
