HomeContributorsTechnical AnalysisEUR/USD Restarts Increase, Can Bulls Take Over?

EUR/USD Restarts Increase, Can Bulls Take Over?

Key Highlights

  • EUR/USD started a fresh increase above the 1.0820 resistance.
  • A key bullish trend line is forming with support at 1.0825 on the 4-hour chart.
  • Gold price rallied above the $2,400 resistance zone.
  • Bitcoin climbed higher and even surpassed the $66,500 resistance zone.

EUR/USD Technical Analysis

The Euro started a decent increase from the 1.0620 support against the US Dollar. EUR/USD cleared the 1.0750 and 1.0800 resistance levels to move into a positive zone.

Looking at the 4-hour chart, the pair even settled above the 200 simple moving average (green, 4-hour) and the 100 simple moving average (red, 4-hour). There was a move above the 1.0850 resistance.

The pair traded as high as 1.0895 before there was a minor pullback. The pair dipped below the 23.6% Fib retracement level of the upward move from the 1.0723 swing low to the 1.0895 high. However, the bulls are active above 1.0820.

There is also a key bullish trend line forming with support at 1.0825 on the same chart. The next major support is at 1.0810. If there is a downside break below the 1.0810 support, the pair might test 1.0750.

On the upside, the first major resistance is near 1.0895. A clear move above the 1.0895 resistance might send it toward the 1.0920 level. Any more gains might call for a move toward the 1.0965 level in the near term.

Looking at Gold, the bulls are again in action and they managed to pump the price above the $2,400 resistance zone.

Economic Releases

  • Fed’s Jefferson speech.
  • Fed’s Waller speech.
Titan FX
Titan FXhttp://titanfx.com
Titan FX is a technology driven online ECN forex and commodities broker that provides traders with next generation trading conditions, institutional grade spreads, fast trade execution, deep top tier liquidity and the security of financial registration and oversight.

Featured Analysis

Learn Forex Trading