Key Highlights
- EUR/USD started a fresh increase above the 1.1680 resistance zone.
- It cleared a key bearish trend line with resistance at 1.1660 on the 4-hour chart.
- GBP/USD is struggling to clear the 1.3520 and 1.3550 resistance levels.
- USD/JPY started a fresh increase above the 147.50 level.
EUR/USD Technical Analysis
The Euro formed a base above the 1.1550 level against the US Dollar. EUR/USD started a fresh increase above the 1.1660 and 1.1700 resistance levels.
Looking at the 4-hour chart, the pair settled above the 1.1700 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There was a clear move above the 50% Fib retracement level of the downward move from the 1.1829 swing high to the 1.1565 low.
On the upside, the pair now faces resistance near the 1.1765 level. It is close to the 76.4% Fib retracement level of the downward move from the 1.1829 swing high to the 1.1565 low.
The next key resistance sits near the 1.1800 level. A close above the 1.1800 level could set the pace for another increase. In the stated case, the pair could rise toward the 1.1840 resistance. The next major stop for the bulls could be near the 1.1880 resistance.
On the downside, immediate support is near the 1.1700 level and the 100 simple moving average (red, 4-hour). The next key support sits near 1.1660. Any more losses could send the pair toward the 1.1620 support zone.
Looking at GBP/USD, the pair is showing bearish signs and might decline below the 1.3420 support zone.
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