EUR/USD Positioned for Further Gains, US Oil Could Reverse Higher

Key Take-Aways

Beyond the resistance area of 1.0585, EUR/USD can increase further.

On the 4-hours chart, a significant bullish trend line is developing with support close to 1.0485.

The upside breach of the 1.2350 barrier region is the target for GBP/USD.

The price of crude oil continued to fall under the $73.50 level of support.

Technical Analysis of EUR/USD

The Euro began to rise steadily against the US Dollar above 1.0420. Even the EUR/USD traded above 1.0500 to enter the positive territory.

On the 4-hour chart, the pair increased momentum above 1.0520. The price of the pair even rose over the 1.0450 resistance level, the red 4-hour 100 simple moving average, and the 200 simple moving average.

Prior to the bears showing up, the price reached a high of 1.0586. The pair is currently extending advances above 1.0500. The 1.0500 level serves as a temporary support. The area around 1.0480 is the next significant support.

The pair is encountering resistance near 1.0550 on the upswing. There could be a significant resistance there at 1.0585. Another respectable gain might begin with a clear break above the 1.0585 resistance.

In the aforementioned scenario, EUR/USD may test 1.0650. Any further gains might pave the stage for a move in the direction of the 1.0700 resistance region.

Economic News To Trade Today

Forecast for UK Industrial Production for October 2022 (MoM): -0.3%, versus +0.2% previous.

UK Manufacturing Production for October 2022 (MoM) is forecasted to be down 0.1% from the previous month’s 0%.

Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.