Key highlights
-
EUR/USD started a consolidation phase below the 1.1200 resistance.
-
A key bullish trend line is forming with support at 1.1145 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair remained stable above the 1.1120 pivot level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
On the downside, immediate support sits near the 1.1140 level. There is also a key bullish trend line forming with support at 1.1145 on the same chart, below which the pair might test 1.1120. The next key support sits near the 1.1100 level and the 100 simple moving average (red, 4-hour).
Any more losses could send the pair toward the 1.1065 support zone. On the upside, the bears are active near the 1.1200 level. A close above the 1.1200 level could set the tone for another increase.
The next major resistance could be 1.1240. A clear move above the 1.1240 level might send EUR/USD toward 1.1320. Any more gains might call for a test of the 1.1350 zone.
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 flatlines below 1.1200 ahead of German inflation data, Powell
EUR/USD is oscillating below 1.1200 in the early European morning on Monday. The pair lacks a fresh directional impetus, awaiting the flash German CPI data and Fed Chair Powell's speech. More Chinese stimulus efforts keep risk sentiment in a sweeter spot amid Mideast risks.
GBP/USD holds gains below 1.3400 as USD struggles ahead of Powell
GBP/USD consolidates below 1.3400 in European trading on Monday. The pair eases after the downward revision to the UK Q2 GDP data. China's stimulus-led risk appetite, a subdued US Dollar and Fed-BoE policy divergence lend support to the pair ahead of Fed Chair Jerome Powell's speech.
Gold price remains confined in a range below all-time peak, Powell's speech awaited
Gold price remains on the defensive heading into the European session on Monday, albeit it lacks follow-through selling and hovers just below the all-time peak touched last week.
The week ahead: China stock rally, UK data revised lower and Payrolls
Stock markets gains are not broad based on Monday, and Japan’s Nikkei dropped more than 5%. This comes after some disappointment about the new prime minister, who has pledged to continue with the policies of his predecessor.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.