EUR/USD momentum builds: Can it go higher?
|Key highlights
- EUR/USD started a fresh increase above the 1.1120 resistance.
- It cleared a major bearish trend line with resistance at 1.1135 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair climbed the 1.1120 and 1.1135 resistance levels. It also cleared a major bearish trend line with resistance at 1.1135. However, the pair seems to be facing resistance near the 1.1180 level.
It is now consolidating near the 23.6% Fib retracement level of the upward move from the 1.1068 swing low to the 1.1181 high. The pair is also above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the upside, the pair could face hurdles near the 1.1180 zone. A clear move above the 1.1180 zone might set the pace for a move toward 1.1200. Any more gains might call for a test of the 1.1250 zone.
On the downside, immediate support sits near the 1.1140 level, below which the pair might test 1.1120. The next key support sits near the 1.1060 level. Any more losses could send the pair toward the 1.1020 support zone.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.