Key Highlights
- EUR/USD started a fresh increase from the 1.1565 support.
- It traded above a bearish trend line with resistance at 1.1605 on the 4-hour chart.
- WTI Crude Oil prices could continue higher if it settles above $92.65.
- Bitcoin remained supported and might aim for another leg higher.
EUR/USD Technical Analysis
The Euro corrected gains and tested 1.1565 against the US Dollar. EUR/USD formed a base and started a fresh upward move above 1.1585.
Looking at the 4-hour chart, the pair traded above a bearish trend line with resistance at 1.1605. There was a move above the 100 simple moving average (red, 4-hour), and the pair remained well above the 200 simple moving average (green, 4-hour).
The pair surpassed the 1.1620 resistance but failed near the 50% Fib retracement level of the downward move from the 1.1711 swing high to the 1.1566 low at 1.1640.
There was a minor pullback, but the pair remained well above 1.1565. If there is another decline, the pair might find bids near 1.1585. The first major support could be near 1.1565. A downside break and close below 1.1565 might start a major leg down. In the stated case, the bears could aim for a move to 1.1440.
On the upside, the bears could be active near 1.1640. The next major resistance might be 1.1675. A close above 1.1675 could start another steady increase. In the stated case, the bulls could aim for a move to 1.1710.
Looking at WTI Crude Oil prices, the price remained supported for more gains, and there could be a fresh upward move toward the $95.00 level.
Upcoming Key Economic Events:
- Germany’s Trade Balance for July 2026 – Forecast €16.5B, versus €15.4B previous.
- US NFIB Business Optimism Index for August 2026 – Forecast 99.3, versus 99.8 previous.
