Euro Strengthens—EUR/USD Begins Smooth Uptrend

Economic

Forex

Summary:

Key Highlights EUR/USD started a fresh increase above the 1.0750 resistance zone. A short-term rising channel with support at 1.

Key Highlights

EUR/USD started a fresh increase above the 1.0750 resistance zone.
A short-term rising channel with support at 1.0800 on the 4-hour chart.
GBP/USD surged above the 1.2850 and 1.2880 resistance levels.
Crude oil prices dived below the $68.00 support zone.

EUR/USD Technical Analysis

The Euro started a decent increase above the 1.0750 resistance against the US Dollar. EUR/USD broke the 1.0800 and 1.0820 resistance levels.

Looking at the 4-hour chart, the pair settled above the 1.0800 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair even climbed above the 1.0850 zone before the bears appeared.

It tested the 1.0880 zone. On the upside, the pair seems to be facing hurdles near the 1.0880 level. The next major resistance is near the 1.0920 level.

The main resistance is now forming near the 1.0950 zone. Any more gains might send the pair toward the 1.1000 zone. On the downside, immediate support sits near the 1.0800 level. There is also a short-term rising channel with support at 1.0800 on the same chart.

The next key support sits near the 1.0765 level. Any more losses could send the pair toward the 1.0750 level. A close above the 1.0750 level could set the tone for another increase. In the stated case, the pair could even clear the 1.0720 resistance.

Looking at GBP/USD, the pair also started a decent increase and the pair even cleared the 1.2880 resistance zone.

Upcoming Economic Events:

Germany’s Trade Balance for Jan 2025 – Forecast €21B, versus €20.7B previous.

Source: ACTIONFOREX

To stay updated on all economic events of today, please check out our Economic calendar

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Euro Strengthens—EUR/USD Begins Smooth Uptrend

Source: ACTIONFOREX

Risk Disclosure