Key Highlights
The Euro recovered recently and traded above the 1.1350 resistance against the US Dollar.
There is a key connecting bearish trend line in place with resistance at 1.1460 on the 4-hours chart of EUR/USD.
EURUSD Technical Analysis
Looking at the 4-hours chart, the pair gained traction above the 1.1320 resistance and the 50% Fib retracement level of the last decline from the 1.1500 swing high to 1.1215 low.
More importantly, the pair settled above the 1.1350 resistance and the 100 simple moving average (red, 4-hours). However, the pair is now approaching a solid resistance near the 1.1460 level, which was a support earlier and now it could stop the current upward move.
Moreover, there is a key connecting bearish trend line in place with resistance at 1.1460 on the same chart. The same trend line is positioned along with the 200 simple moving average (green, 4-hours).
Finally, the 76.4% Fib retracement level of the last decline from the 1.1500 swing high to 1.1215 low is around the 1.1440 level. Therefore, the 1.1460 resistance zone is very crucial. A successful break above the trend line, 200 SMA, and the 1.1460 resistance will most likely clear the path for more gains in the near term.
Alternatively, if the pair fails to settle above the 1.1460 resistance, it could start a fresh decline. An initial support is near the 1.1350 level and the 100 SMA. Besides, there is a major bullish trend line in place with support at 1.1350.
