Key Highlights
- EUR/USD is attempting a fresh increase toward the 1.0930 resistance.
- It broke a major bearish trend line with resistance at 1.0815 on the 4-hour chart.
EUR/USD Technical Analysis
Looking at the 4-hour chart, the pair traded above a major bearish trend line with resistance at 1.0815. There was a move above the 1.0850 level, but the bears faced resistance near the 1.0885 level. A high was formed near 1.0888 and the pair is now well above the 100 simple moving average (red, 4-hour).
However, the pair failed to settle above the 200 simple moving average (green, 4-hour). On the upside, the pair is facing resistance near the 1.0840 level.
A close above the 1.0840 zone could open the doors for more upsides. The next stop for the bulls might be 1.0885. Any more gains might send EUR/USD toward 1.0930.
Immediate support is near the 1.0800 level. The first major support sits near the 1.0780 level and the 100 simple moving average (red, 4-hour). The next major support sits at 1.0765, below which the pair might gain bearish momentum. In the stated case, the pair could even visit the 1.0720 support level.
