Euro Gains Momentum Near 1.16 as Traders Watch for Breakout

Key Highlights

• The euro slipped before rallying toward 1.1575.
• It traded above a bearish trend line, encountering resistance near 1.1610 on the 4‑hour chart.
• The pound rose above the 1.3450 resistance zone.
• Gold entered a consolidation phase above the $4,450 support level.

EUR/USD Technical Analysis

The euro remains in a bearish zone below 1.1720 against the U.S. dollar, briefly dipping under 1.1620 before buyers intervened.

On the 4‑hour chart, the pair fell to a low of 1.1576 and has since initiated a recovery wave, climbing above the 23.6 % Fibonacci retracement of the decline from the 1.1787 swing high to the 1.1576 low.

The pair also traded above a bearish trend line, with immediate resistance at 1.1610. Further upside faces resistance around 1.1655, followed by stronger barriers at 1.1685, the 100‑period simple moving average (red, 4‑hour), the 200‑period simple moving average (green, 4‑hour), and the 61.8 % Fibonacci retracement of the prior decline.

A decisive close above 1.1700 could open the path to 1.1720 and potentially target 1.1800. Conversely, a move back below 1.1600 may attract buying interest near that level.

Key support lies near 1.1575, with the next level at 1.1550. A break under 1.1550 could trigger a slide toward 1.1500, and further weakness might expose the 1.1465 zone.

In the GBP/USD pair, the pound posted a solid rise, breaking through the 1.3450 resistance zone.

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