Key Highlights
- EUR/USD started a fresh increase above the 1.1420 resistance.
- A key bullish trend line is forming with support at 1.1500 on the 4-hour chart.
- GBP/USD is now consolidating gains near the 1.3550 zone.
- Gold prices are moving higher and might revisit $3,465.
EUR/USD Technical Analysis
The Euro gained pace for a move above 1.1400 against the US Dollar. EUR/USD even cleared the 1.1550 resistance to move further into a positive zone.
Looking at the 4-hour chart, the pair settled above the 1.1450 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair tested the 1.1630 zone and recently corrected some gains.
There was a move below the 1.1550 level. The pair tested the 1.1500 support zone where it found bids. There is also a key bullish trend line forming with support at 1.1500 on the same chart.
On the downside, immediate support is near the 1.1500 level. The next key support sits near 1.1450. Any more losses could send the pair toward the 1.1420 pivot level. The main support could be near 1.1400.
On the upside, the pair could face resistance near the 1.1565 level. The next key resistance sits near the 1.1600 level. The first major resistance sits at 1.1620. A close above the 1.1620 level could set the pace for another increase. In the stated case, the pair could even clear the 1.1650 resistance. The next major stop for the bulls could be near the 1.1800 resistance.
Looking at Gold, the price started another increase, and the bulls seem were able to clear the $2,420 level.
Upcoming Economic Events:
- NY Empire State Manufacturing Index for June 2025 – Forecast -5.5, versus -9.2 previous.
