Key Highlights
- EUR/USD started a correction move from the 1.1650 resistance.
- It faces key hurdles near 1.1635 and 1.1650 on the 4-hour chart.
- WTI Crude Oil prices rallied and tested $105.
- Gold bulls are still struggling to push prices above $4,480 and $4,500.
EUR/USD Technical Analysis
The Euro failed to settle above 1.1650 against the US Dollar. EUR/USD corrected some gains and traded below 1.1620 to move into a consolidation zone.
Looking at the 4-hour chart, the pair settled the 100 simple moving average (red, 4-hour) and tested the 200 simple moving average (green, 4-hour). A low was formed at 1.1569, and the pair started a consolidation phase.
On the upside, an immediate resistance could be near the 61.8% Fib retracement level of the downward move from the 1.1654 swing high to the 1.1569 low at 1.1620.
The next major resistance might be near the 100 simple moving average at 1.1635. The main hurdle could still be 1.1650. A close above 1.1650 could start another steady increase. In the stated case, the bulls could aim for a move to 1.1720.
If there is another drop, the pair might find bids near 1.1565. The first major support could be near 1.1515. A close below 1.1515 might accelerate the decline. In the stated case, the bears could aim for a move to 1.1440.
Looking at WTI Crude Oil prices, the price remained elevated, extended gains, tested $105, and remains in a bullish zone.
Upcoming Key Economic Events:
- ECB’s Cipollone speech.
- ECB’s President Lagarde speech.
- ECB’s President Lagarde speech.
