Key Highlights
- EUR/USD started a fresh increase from the 1.1440 zone.
- A major bearish trend line is forming with resistance at 1.1560 on the 4-hour chart.
- GBP/USD corrected gains and traded below the 1.3500 level.
- Bitcoin dipped sharply below $103,000 after the US strike On Iran.
EUR/USD Technical Analysis
The Euro started a downside correction and tested 1.1440 against the US Dollar. EUR/USD found support and now attempts a fresh increase above 1.1500.
Looking at the 4-hour chart, the pair traded above the 1.1480 resistance and settled well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). The pair is now showing positive signs and might aim for more gains.
On the upside, the pair could face resistance near the 1.1550 level. There is also a major bearish trend line forming with resistance at 1.1560 on the same chart.
The next key resistance sits near the 1.1620. The first major resistance sits at 1.1650. A close above the 1.1650 level could set the pace for another increase. In the stated case, the pair could even clear the 1.1720 resistance. The next major stop for the bulls could be near the 1.1800 resistance.
On the downside, immediate support is near the 1.1480 level. The next key support sits near 1.1450 and the 100 simple moving average (red, 4-hour). Any more losses could send the pair toward the 1.1360 level and the 200 simple moving average (green, 4-hour).
Looking at GBP/USD, the pair dipped below the 1.3500 level and now remains at risk of more losses in the near term.
Upcoming Economic Events:
- Germany’s Manufacturing PMI for June 2025 (Preliminary) – Forecast 48.8, versus 48.3 previous.
- Germany’s Services PMI for June 2025 (Preliminary) – Forecast 47.8, versus 47.1 previous.
- Euro Zone Manufacturing PMI June 2025 (Preliminary) – Forecast 49.7, versus 49.4 previous.
- Euro Zone Services PMI for June 2025 (Preliminary) – Forecast 50.0, versus 49.7 previous.
- US Manufacturing PMI for June 2025 (Preliminary) – Forecast 51.0, versus 52.0 previous.
- US Services PMI for June 2025 (Preliminary) – Forecast 52.9, versus 53.7 previous.
