Key Highlights
- EUR/USD started a steady increase above 1.1650 and 1.1700.
- It could struggle to clear the 1.1800 resistance on the 4-hour chart.
- GBP/USD climbed toward 1.3450 before it saw a minor pullback.
- Gold started a fresh surge above $4,250 and $4,300.
EUR/USD Technical Analysis
The Euro formed a base above 1.1620 and started a fresh increase against the US Dollar. EUR/USD surpassed 1.1680 to enter a positive zone.
Looking at the 4-hour chart, the pair cleared many hurdles near 1.1700. It settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). A new multi-week high was formed at 1.1762 before the pair started a consolidation phase.
There was a minor decline to the 23.6% Fib retracement level of the upward move from the 1.1615 swing low to the 1.1762 high. On the downside, there is key support at 1.1705.
The first major support is near the 50% Fib retracement level at 1.1688. The next support could be 1.1670, below which the bears might aim for a move toward the 100 simple moving average (red, 4-hour) at 1.1615.
Immediate resistance sits near 1.1765. The first key hurdle is seen near 1.1800. A close above 1.1800 could open the doors for a move toward 1.1850. Any more gains could set the pace for a steady increase toward 1.1880.
Looking at GBP/USD, the pair gained pace for a strong increase and was able to clear the 1.3400 resistance zone.
Upcoming Key Economic Events:
- NY Empire State Manufacturing Index for Dec 2025 – Forecast 10.6, versus 18.7 previous.
- Fed’s Miran speech.
- Fed’s Williams speech.
