EUR/USD Gaining Massively, US Dollar Could Keep Declining
Positive indicators are emerging for EUR/USD above the 1.0500 resistance.
On the 4-hours chart, it cleared several obstacles between 1.0380 and 1.0480.
Gains were maintained as GBP/USD traded over the 1.2200 resistance.
The $1,825 resistance area may see further growth in the price of gold.
Technical Analysis of EUR/USD
The 1.0250 support level for the Euro versus the US Dollar marked the beginning of a new rise. Near 1.0380, the EUR/USD overcame a significant obstacle to enter the positive territory.
On the chart for the past four hours, the pair has stabilized above the 1.0450 area, the 100 simple moving average (red, four hours), and the 200 simple moving average (green, 4-hours).
The bulls even managed to lift the pair over the resistance around 1.0500 as well as the previous swing high at 1.0497. The pair is currently displaying promising indicators above the 1.0500 mark. The pair is encountering resistance near 1.0580 on the upswing.
The area around 1.0620 might serve as the next significant resistance. Another solid gain might begin with a clean break over the 1.0620 and 1.0650.
In the hypothetical scenario, the EUR/USD pair might touch 1.0700. Any further gains might lay the stage for a move in the direction of the 1.0800 resistance region.
The 1.0480 level serves as a temporary support. Near the 1.0440 zone is the next significant support. The pair may move near the 1.0350 support area if there are any additional losses.
In terms of GBP/USD, the pair advanced faster and cleared 1.2200. The bulls appear to be planning a move in the direction of the 1.2400 level.
Economic News To Trade Today
UK Services PMI for November 2022 is predicted to be 48.8 vs. 48.8 in the past.
Forecasted ISM Services PMI for November 2022 is 55.6, up from the prior reading of 54.4.
Forecasted Euro Zone Services PMI for November 2022 is 48.6 vs. 48.6 in the prior period.
Author: Amogo Solomon
- The New Zealand Dollars (NZD) Now In Focus As The RBNZ Is Set To Hike its Official Cash Rate Further
- DXY BREAKS OUT OF THE DAILY DEMAND – Strong Enough to Start a Bull Market?
- CURRENCY QUAKE: BRICS Alliance Sends Shockwaves Through US Dollar – Will the Retail Sales Say Otherwise?
- CADCHF COOKING A MASSIVE RALLY – The CXY Approaching H4 Demand.
- GOLD BECOMES INDECISIVE – DXY Stuck in Demand Zone.