EUR/USD Will Likely Climb Higher, Price of Oil Declines
- Above the 1.0280 level, EUR/USD is displaying promising characteristics.
- On the 4-hours chart, it traded above a significant contracting triangle with resistance located above 1.0315.
- Under the $80 support, the price of crude oil is losing ground more quickly.
- The price of gold is continuing to rise above $1,720.
Technical Analysis of EUR/USD
The Euro’s downward correction in relation to the US Dollar began around 1.0480. When EUR/USD fell toward 1.0220, it found support there and began to rise again.
On the 4-hour chart, the pair’s lowest price was 1.0222. The 100 simple moving average (red, 4-hours) and the 200 simple moving average suggest that the pair is developing a base above the 1.0200 level (green, 4-hours).
Above the resistance levels of 1.0280 and 1.0300, there was a recent rise. On the same chart, there was also a break above a significant contracting triangle with resistance above 1.0315.
The price of the pair has risen above 1.0350. An immediate upward resistance is located close to the 1.0435 level. Near 1.0480 may serve as the next significant resistance. Any further gains might lay the stage for a move in the direction of the 1.0550 resistance region.
Economic News To Trade Today
- Dalla Fed Manufacturing Business Index for November 2022 is expected to be 18.3, down from 19.4.
Author: Amogo Solomon
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