Key Highlights
- EUR/USD started a fresh increase above 1.1500.
- It traded above a key bearish trend line with resistance at 1.1410 on the 4-hour chart.
- USD/JPY declined heavily below the 157.50 support zone.
- Gold seems to be consolidating above the $4,000 zone.
EUR/USD Technical Analysis
The Euro formed a base above 1.1350 against the US Dollar. EUR/USD started a fresh increase above the 1.1440 and 1.1500 resistance levels.
Looking at the 4-hour chart, the pair gained pace for a move toward 1.1550. There was a close above 1.1500, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
A high was formed at 1.1558, and the pair is now consolidating gains. If there is a downside correction, the pair might find support near 1.1480 or the 38.2% Fib retracement level of the upward move from the 1.1353 swing low to the 1.1558 high.
If there are more losses, the pair could find bids near the 50% Fib retracement level at 1.1455. The main support could be 1.1430 or the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
A downside break and close below 1.1430 might send the pair toward 1.1350. Any more losses could open the doors for a test of 1.1300.
On the upside, the pair could face resistance near 1.1550. The next major resistance might be 1.1580. A close above 1.1580 could start another steady increase. In the stated case, the bulls could aim for a move to 1.1620. Any more gains might open the doors for a test of 1.1650.
Looking at Gold, the bears are putting up a tough fight, and they might aim for a drop below the $3,950 support.
Upcoming Key Economic Events:
- US ISM Manufacturing Index for July 2026 – Forecast 54.0, versus 53.3 previous.
- US S&P Global Manufacturing PMI for July 2026 – Forecast 53.8, versus 53.8 previous.
