EUR/USD Regains Following US Dollars Decline
- Above the 0.9900 resistance level, the EUR/USD began to rebound.
- On the 4-hours chart, it broke through a significant bearish trend line that had resistance near 0.9855.
- Above $1,650 for gold and $90 for oil, respectively, prices began to rise again.
- GBP/USD wants to rise again over the 1.1400 barrier level.
Technical Analysis of EUR/USD
When compared to the US Dollar, the Euro fell significantly below the 0.9950 mark. Before the bulls showed near 0.9730, EUR/USD even dropped below 0.9850.
The pair dropped as low as 0.9730 on the 4-hour chart before beginning an upward correction. The 100 simple moving average (red, 4-hours) and the 200 simple moving average showed a continuous upward movement above the 0.9820 resistance zone (green, 4-hours).
On the same chart, there was a break over a significant negative trend line with resistance close to 0.9855. The price of the pair has risen above the 50% Fibonacci retracement level of the decline from the swing high of 1.0093 to the low of 0.9730.
It currently encounters resistance close to the 0.9960 level. It is close to the 61.8% Fibonacci retracement level of the decline from the 0.9730 low to the 1.0093 swing high.
Near 1.0000 may serve as the next significant obstacle. Any further gains might lay the stage for a move in the direction of the 1.0080 mark, beyond which it might even test 1.0120.
The 0.9990 level serves as a temporary support. The area around 0.9850 is the next significant support. The 200 simple moving average or the 0.9820 zone serves as the primary support (green, 4-hours).
Selling pressure could be heightened by a closing below the 200 simple moving average (green, 4-hours) and the 0.9820 price level. In the aforementioned scenario, it might fall toward the 0.9720 support.
Regarding GBP/USD, the pair recently attempted a new advance over the 1.1400 area after testing the 1.1150 support region.
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