Key Highlights
- EUR/USD started a fresh rally from the 1.1600 region.
- A major bullish trend line is forming with support at 1.1680 on the 4-hour chart.
- Gold surged further above $3,580 and $3,590.
WTI Crude Oil prices declined sharply and traded below $63.50.
EUR/USD Technical Analysis
The Euro remained supported above 1.1600 and started a fresh increase against the US Dollar. EUR/USD cleared 1.1650 and 1.1680.
Looking at the 4-hour chart, the pair settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). The pair even spiked above 1.1740 before the bears appeared.
The 1.1740 and 1.1750 levels present a major hurdle for the bulls. A close above 1.1750 could set the pace for another increase. In the stated case, the pair could rise toward 1.1800, above which the bulls could aim for a move toward 1.1850.
Any more upsides could send the pair toward 1.1920. On the downside, immediate support is 1.1700. The next key area of interest might be 1.1680. There is also a major bullish trend line forming with support at 1.1680 on the same chart.
Any more losses could send the pair toward the 61.8% Fib retracement level of the upward move from the 1.1608 swing low to the 1.1759 high at 1.1665 and the 100 simple moving average (red, 4-hour).
Looking at Gold, the bulls remain in action as they were able to push the price above the $3,580 resistance zone.
Upcoming Key Economic Events:
- Germany’s Trade Balance for July 2025 – Forecast €15.4B, versus €14.9B previous.
- Euro Zone Sentix Investor Confidence for Sep 2025 – Forecast -3.8, versus -3.7 previous.
