EUR/USD Breaks Key Resistance, Oil Breaches $60

Key Highlights


  • EUR/USD started a fresh increase above the 1.2080 and 1.2100 resistance levels.


  • There was a break above a major bearish trend line at 1.2090 on the 4-hour chart.


  • GBP/USD extended its rally above 1.3850 and it remains in a strong uptrend.


  • Gold price failed to surpass $1,860 and it is showing a few bearish signs.


  • The oil price rallied further above the $58.50 and $60.00 resistance levels.


EUR/USD Technical Analysis


After trading as low as 1.1952, the Euro started a fresh increase against the US Dollar. EUR/USD cleared the 1.2000 and 1.2050 resistance levels to move into a positive zone.



Looking at the 4-hours chart, the pair even cleared the 1.2100 resistance level and a major bearish trend line at 1.2090. There was a clear break above the 1.2120 level and the 100 simple moving average (red, 4-hours).

The pair tested the 1.2150 resistance level and the 200 simple moving average (green, 4-hours). A high was formed near 1.2149 before there was a minor downside correction.

On the downside, the 1.2080 level is acting as a decent support. The next major support is near the 1.2050 level. If EUR/USD fails to stay above the 1.2050 support, there is a risk of more downsides in the near term.

On the upside, the pair is facing resistance near the 1.2150 level. A close above 1.2150 and the 200 simple moving average (green, 4-hours) will most likely open the doors for the steady increase. The next major resistance sits at 1.2200.

Looking at GBP/USD, the pair gained pace above the 1.3750 resistance. It even broke the 1.3800 level and tested the 1.3880 zones.

Economic Releases

  • Euro Zone Industrial Production Dec 2020 (MoM) – Forecast -0.6%, versus +2.5% previous.


0 views0 comments

Recent Posts

See All

Credit 

Caution:

Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognize that for factors outside your control you may lose all of the money in your trading account. Many forex brokers also hold you liable for losses that exceed your trading capital. So you may stand to lose more money than is in your account. Smart Analysis Pvt takes not responsibility for loss incurred as a result of our trading signals. By signing up as a member you acknowledge that we are not providing financial advice and that you are making a the decision to copy our trades on your own account. We have no knowledge on the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of our signals or advice on forex related products on this website.

PayPal

Credit  & Debit Card

  • Black Facebook Icon
  • Black Instagram Icon
  • Black YouTube Icon

© 2023 by Personal Life Coach. Proudly created with Wix.com