Key Highlights
- EUR/USD started a fresh increase above the 1.0800 resistance.
- It traded below a short-term bullish trend line with support at 1.0880 on the 4-hour chart.
- GBP/USD is consolidating gains above the 1.2800 resistance zone.
- Gold surged to a record high and tested the $3,000 zone.
EUR/USD Technical Analysis
The Euro remained strong above 1.0750 against the US Dollar. EUR/USD formed a base and climbed above the 1.0800 resistance zone.
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). The pair even tested the 1.0950 zone before it started a consolidation phase.
There was a move below the 1.0900 level. Besides, the pair traded below a short-term bullish trend line with support at 1.0880 on the same chart.
On the upside, the pair is facing resistance near the 1.0945 level. The next major resistance is near the 1.0965 level. The main resistance is now forming near the 1.0980 zone. A close above the 1.0980 level could set the tone for another increase. In the stated case, the pair could even clear the 1.1100 resistance.
On the downside, immediate support sits near the 1.0820 level. The next key support sits near the 1.0800 level. Any more losses could send the pair toward the 1.0765 level. The main support could be 1.0750.
Looking at GBP/USD, the pair remained stable and might soon now aim for a move toward the 1.3000 resistance.
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