Key highlights
- EUR/USD started a steady increase and surpassed the 1.0910 resistance.
- A key bullish trend line is forming with support at 1.0870 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair tested the 1.0950 level, and settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). The pair tested the 1.0950 resistance zone and is currently correcting gains.
There was a drop below the 1.0910 level. The pair is now testing the 23.6% Fib retracement level of the upward move from the 1.0660 swing low to the 1.0948 high.
There is also a key bullish trend line forming with support at 1.0870 on the same chart. If there is a fresh increase, the pair could face resistance near the 1.0910 level. The next resistance sits at 1.0920. The main hurdle sits at 1.0950.
A clear move above the 1.0950 resistance might send it toward the 1.0980 level. Any more gains might open the doors for a test of the 1.1050 zone in the coming days.
Immediate support is near the 1.0870 level and the trend line. The next major support is near the 1.0850 level. A downside break and close below the 1.0850 support zone could open the doors for more losses. In the stated case, EUR/USD might decline toward the 1.0820 level.
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 holds gains near 1.0900 amid weaker USD, risk aversion
EUR/USD defends gains below 1.0900 in the early European morning on Monday. The US Dollar weakens, despite risk aversion, supporting the pair. The focus remains on the US political updates and mid-tier EU/US data for fresh trading impetus.
GBP/USD holds position above 1.2900; next support at 14-day EMA
GBP/USD breaks its two-day losses, trading around 1.2920 in Monday's early European session. The analysis of the daily chart shows the pair lies within an ascending channel, signaling a bullish trend in the pair's price movements.
Gold defends $2,400, more upside looks likely
Gold price is attempting a bounce from $2,400, having snapped a three-day corrective decline from record highs of $2,484. Gold price capitalizes on a broad-based US Dollar softness alongside sluggish US Treasury bond yields even as markets stay risk averse.
Why these altcoins may not rise despite Ethereum ETF impact
A recent analysis by onchain analyst Thor Hartvigsen reveals that Ethereum could outperform altcoins after the launch of ETH ETFs despite wider market assumptions that these tokens provide leveraged exposure to ETH.
Week ahead: What are markets watching this week?
Dominant asset drivers to be aware of this week include Global PMIs and the Bank of Canada’s rate announcement on Wednesday, the advance estimate for US GDP growth on Thursday and the US PCE Price Index on Friday.