EUR/USD Positioned for Further Gains, US Oil Could Reverse Higher
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%.
Author: Amogo Solomon
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