Key Highlights
- EUR/USD is moving higher above the 1.1320 resistance.
- It cleared a key bearish trend line with resistance at 1.1280 on the 4-hour chart.
- GBP/USD gained pace for a move above the 1.3500 level.
- USD/JPY declined steadily below the 145.00 level.
EUR/USD Technical Analysis
The Euro formed a base and started a fresh increase above the 1.1250 resistance against the US Dollar. EUR/USD even surpassed 1.1280 to enter a positive zone.
Looking at the 4-hour chart, the pair settled above the 1.1300 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair cleared a key bearish trend line with resistance at 1.1280.
There was a break above the 50% Fib retracement level of the downward move from the 1.1573 swing high to the 1.1065 low. On the upside, the pair could face resistance near the 1.1380 level.
The next key resistance sits near the 1.1420 level. The first major resistance sits at 1.1500. A close above the 1.1500 level could set the pace for another increase. In the stated case, the pair could even clear the 1.1550 resistance. The next major stop for the bulls could be near the 1.1620 resistance.
On the downside, immediate support sits near the 1.1300 level. The next key support sits near 1.1280. Any more losses could send the pair toward the 1.1250 pivot level in the near term. The main support could be near 1.1165.
Looking at GBP/USD, the pair started a major increase and was able to clear the 1.3500 resistance zone to move into a bullish zone.
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