Key Highlights
- EUR/USD is facing key hurdles near 1.1500.
- A rising channel is forming with support at 1.1400 on the 4-hour chart.
- GBP/USD jumped to 1.3560 before there was a pullback.
- WTI Crude Oil prices climbed further and traded above $84.00.
EUR/USD Technical Analysis
The Euro remained supported above 1.1365 against the US Dollar. EUR/USD climbed above 1.1440 but failed to settle above 1.1480 and 1.1500.
Looking at the 4-hour chart, the pair traded as high as 1.1482 and recently started a downside correction. There was a move toward the 50% Fibonacci retracement level of the upward move from the 1.1376 swing low to the 1.1482 high.
The pair seems to be stuck below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). On the upside, the pair could face strong resistance at 1.1480. The next major resistance might be 1.1500.
A close above 1.1500 could start a steady increase. In the stated case, the bulls could aim for a move to 1.1620. If the bears remain in action, the pair might struggle to clear 1.1480.
On the downside, the pair might find support near 1.1400. There is also a rising channel forming with support at 1.1400. The first major support could be near 1.1375. A downside break and close below 1.1375 might send the pair toward 1.1320. Any more losses could open the doors for a test of 1.1250.
Looking at GBP/USD, the pair gained pace for a move above 1.3500, tested 1.3560, and recently saw a short-term downside correction.
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