Key Highlights
- EUR/USD started a fresh increase above the 1.1520 resistance.
- A contracting triangle is forming with resistance at 1.1600 on the 4-hour chart.
- GBP/USD could gain pace if it clears the 1.3550 resistance.
- Gold prices climbed higher above $4,350 and might continue to rise.
EUR/USD Technical Analysis
The Euro formed a base above 1.1380 against the US Dollar. EUR/USD started a fresh increase above the 1.1450 and 1.1500 resistance levels.
Looking at the 4-hour chart, the pair gained pace for a move toward 1.1580. A high was formed at 1.1581, and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 1.1352 swing low to the 1.1581 high.
The pair is now well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). On the upside, the pair could face resistance near 1.1580.
The next major resistance might be 1.1600. There is also a contracting triangle forming with resistance at 1.1600. A close above 1.1600 could start another steady increase. In the stated case, the bulls could aim for a move to 1.1650.
Any more gains might open the doors for a test of 1.1685. If there is a downside correction, the pair might find bids near 1.1540. The next major support could be near 1.1500.
The main support might be 1.1465 and the 50% Fib retracement. A downside break and close below 1.1465 might send the pair toward 1.1400. Any more losses could open the doors for a test of 1.1350.
Looking at GBP/USD, the pair seems to be gaining pace above 1.3450 and might aim for a retest of the 1.3550 resistance.
Upcoming Key Economic Events:
- Euro Zone Sentix Investor Confidence for August 2026 – Forecast -3.2, versus -3.1 previous.
