Key Highlights
- EUR/USD started a fresh increase above the 1.1200 resistance.
- It broke a key contracting triangle with resistance at 1.1035 on the 4-hour chart.
- GBP/USD is again rising and might aim for gains above 1.3120.
- Gold prices rallied further and traded to a new record high above $3,200.
EUR/USD Technical Analysis
The Euro remained supported above 1.0880 against the US Dollar. EUR/USD started a fresh surge above the 1.1000 and 1.1050 resistance levels.
Looking at the 4-hour chart, the pair broke a key contracting triangle with resistance at 1.1035. There was a close above the 1.1200 resistance, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
The bulls pumped the pair above the 1.1350 and 1.1400 levels. A high was formed at 1.1473 and is currently consolidating gains. If there is a fresh increase, the pair could face resistance near the 1.1420 level.
The next major resistance is near the 1.1450 level. The main resistance is now forming near the 1.1500 zone. A close above the 1.1500 level could set the tone for another increase. In the stated case, the pair could even clear the 1.1550 resistance.
On the downside, immediate support sits near the 1.1320 level. The next key support sits near the 1.1250 level. Any more losses could send the pair toward the 1.1200 level.
Looking at Gold, the price started a fresh increase, and the bulls might soon aim for a move toward the $3,280 level.
Upcoming Economic Events:
- Fed’s Waller speech.
- Fed’s Harker speech.
