EUR/USD poised for more gains as bulls regroup
Key highlights
- EUR/USD started a fresh increase above the 1.1250 resistance.
- A short-term bullish trend line is forming with support at 1.1345 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair settled well above the 1.1320 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There is also a short-term bullish trend line forming with support at 1.1345.
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 1.1435 level and the trend line.
The next key support sits near the 1.1280 level. Any more losses could send the pair toward the 1.1220 level, where the bulls might take a stand.
Author
Aayush Jindal
TitanFX
I have spent over six years as a financial markets contributor and observer, and possess strong technical analytical skills. I am a software engineer by profession, loves blogging and observing financial markets.
