Key Highlights
- EUR/USD started a recovery wave from the 1.0340 zone.
- A major bearish trend line is forming with resistance at 1.0450 on the 4-hour chart.
- GBP/USD is consolidating above the 1.2500 support zone.
- USD/JPY might continue to rise if it clears the 158.00 resistance zone.
EUR/USD Technical Analysis
The Euro found support near the 1.0340 zone against the US Dollar. EUR/USD formed a base and started a recovery wave above 1.0400.
Looking at the 4-hour chart, the pair settled below the 1.0450 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair is now attempting to gain pace above the 1.0450 level.
There is also a major bearish trend line forming with resistance at 1.0450 on the same chart. The next major resistance is near the 1.0485 level and the 100 simple moving average (red, 4-hour).
A close above the 1.0485 level could set the tone for another increase. In the stated case, the pair could rise toward the 1.0530 resistance.
On the downside, immediate support sits near the 1.0380 level. The next key support sits near the 1.0340 level. Any more losses could send the pair toward the 1.0300 level.
Looking at GBP/USD, the pair is consolidating losses above 1.2500 and might aim for a move above the 1.2650 resistance.
Upcoming Economic Events:
- US Pending Home Sales for Nov 2024 (MoM) – Forecast +0.7%, versus +2.0% previous.
, and the 200 simple moving average (green, 4-hour). The pair is now attempting to gain pace above the 1.0450 level.){kind=link}