Key Highlights
- EUR/USD recovered above the 1.0800 resistance zone.
- A key bullish trend line is forming with support at 1.0790 on the 4-hour chart.
- GBP/USD climbed above the 1.2750 and 1.2800 resistance levels.
- Gold prices surged above the $2,380 resistance zone.
EUR/USD Technical Analysis
The Euro formed a base above the 1.0670 level against the US Dollar. EUR/USD started a decent increase above the 1.0750 resistance level.
Looking at the 4-hour chart, the pair was able to clear the 1.0780 resistance zone. There was a close above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
The pair even tested the 1.0840 zone and is currently consolidating gains. On the upside, EUR/USD might face resistance near the 1.0850 level. The next resistance sits at 1.0865.
The main hurdle sits at 1.0920. A clear move above the 1.0920 resistance might send it toward the 1.0980 level. Any more gains might open the doors for a test of the 1.1120 zone in the coming days.
Immediate support is near the 1.0810 level and the 23.6% Fib retracement level of the upward move from the 1.0660 swing low to the 1.0842 high. The next major support is near the 1.0790 level. There is also a key bullish trend line forming with support at 1.0790 on the same chart.
A downside break and close below the 1.0790 support zone could open the doors for more losses. In the stated case, the pair could decline toward the 1.0730 level and the 100 simple moving average (red, 4-hour).
Looking at Gold, the bulls seem to be in action, and they might soon aim for more upsides above the $2,400 resistance zone.
Economic Releases
- Euro Zone Sentix Investor Confidence for July 2024 – Forecast 0.2, versus 0.3 previous.
