Key highlights
-
EUR/USD started an upside correction above the 1.0720 resistance.
-
A key rising channel is forming with support near 1.0710 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair was able to climb above the 1.0750 resistance and the 100 simple moving average (red, 4 hours). However, the bears were active near the 1.0785 zone. A high is formed near 1.0787 and the pair is now moving lower.
Immediate support is near the 1.0715 level. The next major support is near the 1.0710 level. There is also a key rising channel forming with support near 1.0710 on the same chart.
If there is a downside break below the 1.0710 support, the pair could decline toward the 1.0640 support. Any more losses might send EUR/USD toward 1.0600.
If there is a fresh increase, the pair could face resistance near 1.0780. The first major resistance is near the 1.0820 level. If there is a move above the 1.0820 resistance, the pair could drift toward 1.0880.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
EUR/USD sits at yearly lows near 1.0550 ahead of EU GDP, US PPI data
EUR/USD is trading near 1.0550 in the European session on Thursday, sitting at the lowest level in a year. The Trump trades-driven relentless US Dollar buying and German political instability weigh on the pair. Traders await EU GDP data and US PPI report ahead of Fed Chair Powell's speech.
GBP/USD holds losses below 1.2700 on sustained US Dollar strength
GBP/USD is holding losses near multi-month lows below 1.2700 in European trading on Thursday. The pair remains vulnerable amid a broadly firmer US Dollar and softer risk tone even as BoE policymakers stick to a cautious stance on policy. Speeches from Powell and Bailey are eyed.
Gold price hits fresh two-month low as the post-election USD rally remains uninterrupted
Gold price drifts lower for the fifth consecutive day and drops to its lowest level since September 19, around the $2,554-2,553 region heading into the European session on Thursday. The commodity continues to be weighed down by an extension of the US Dollar's post-election rally to a fresh year-to-date.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.