The EUR/USD pair continues its recovery, showing bullish momentum as it surpasses the 1.0800 resistance level. A bullish trend line is forming with support at 1.0790 on the 4-hour chart, indicating a positive outlook for the pair.
In addition to the EUR/USD pair, GBP/USD has also seen gains by climbing above the 1.2750 and 1.2800 resistance levels. Gold prices have surged above the $2,380 resistance zone, showing strength in the precious metal market.
Analyzing the technical aspects of the EUR/USD pair, it has formed a base above the 1.0670 level against the US Dollar. The pair has successfully cleared the 1.0780 resistance zone and is currently consolidating gains around the 1.0840 level. The next resistance levels to watch are at 1.0850, 1.0865, and the main hurdle at 1.0920. A break above 1.0920 could lead to further gains towards 1.0980 and potentially 1.1120 in the near future.
On the downside, immediate support is seen at 1.0810, followed by the 23.6% Fib retracement level at 1.0790. A break below 1.0790 could signal more losses, with potential targets at 1.0730 and the 100 simple moving average on the 4-hour chart.
Looking at the broader economic releases, the Euro Zone Sentix Investor Confidence for July 2024 is forecasted at 0.2, compared to the previous figure of 0.3. This data point could provide further insights into market sentiment and potential movements in the EUR/USD pair.
Overall, the EUR/USD pair is showing signs of a continued recovery with bullish momentum intact. Traders will be closely watching key resistance and support levels to gauge the future direction of the pair. With gold prices also on the rise, the broader market sentiment appears positive, indicating potential opportunities for investors in the forex and commodities markets.
