Key highlights
- EUR/USD corrected gains and tested the 1.0735 support zone.
- It broke a key bearish trend line with resistance at 1.0805 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair traded as low as 1.0732 and settled below the 100 simple moving average (red, 4-hour). However, it remained stable above the 200 simple moving average (green, 4-hour).
The pair is now forming a base and might attempt a fresh increase. It cleared a key bearish trend line with resistance at 1.0805 on the same chart.
On the upside, the pair is facing resistance near the 1.0850 level and the 100 simple moving average (red, 4-hour). The next major resistance is near the 1.0870 level. The main resistance is now forming near the 1.0900 zone.
A close above the 1.0900 level could set the tone for another increase. In the stated case, the pair could even clear the 1.0920 resistance.
On the downside, immediate support sits near the 1.0765 level. The next key support sits near the 1.0735 level. Any more losses could send the pair toward the 1.0680 level.
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