Key Highlights
- EUR/USD stayed above 1.1550 and started a fresh increase.
- It faces key hurdles near 1.1740 and 1.1800 on the 4-hour chart.
- Gold prices gained strength and surpassed the $3,435 resistance.
- Bitcoin dipped below the $112,000 and $110,000 support levels.
EUR/USD Technical Analysis
The Euro remained supported above 1.1550 and recovered losses against the US Dollar. EUR/USD surpassed the 1.1600 level to move into a positive zone.
Looking at the 4-hour chart, the pair traded above the 50% Fib retracement level of the downside correction from the 1.1742 swing high to the 1.1574 low. There was a move above a declining channel with resistance at 1.1650.
The pair is now consolidating above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). It now faces resistance near the 76.4% Fib retracement level of the downside correction from the 1.1742 swing high to the 1.1574 low at 1.1700.
The next key hurdle sits at 1.1740. A close above 1.1740 could set the pace for another increase. In the stated case, the pair could rise toward 1.1800, above which the bulls could aim for a move toward 1.1850. Any more upsides could send EUR/USD toward 1.1920.
On the downside, immediate support is 1.1650. The next key area of interest might be 1.1620. Any more losses could send the pair toward the 1.1550 support zone.
Looking at Gold, the bulls remain in action as they were able to push the price above the $3,435 resistance zone.
Upcoming Key Economic Events:
- Euro Zone Manufacturing PMI for July 2025 – Forecast 50.5, versus 50.5 previous.
- UK Manufacturing PMI for July 2025 – Forecast 47.3, versus 47.3 previous.
- ECB’s Schnabel speech.
- ECB’s Cipollone speech.
- ECB’s President Lagarde speech.