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EUR/USD holds above 1.1500 and targets 1.1550

The pair is consolidating after a close above 1.1500 and a move to a 1.1558 high, with support cited near 1.1480 and 1.1430.

Reported · Written up by our desk · Major Pairs

Action Forex reports EUR/USD formed a base above 1.1350 and pushed higher, breaking above the 1.1440 and 1.1500 resistance levels. The move gained pace on the 4-hour chart, leading to a 1.1558 high, and the pair is now consolidating gains after a close above 1.1500.

The outlet points to 100 and 200 simple moving averages on the 4-hour chart as part of the bullish setup, while noting potential downside checks. If EUR/USD pulls back, it could find support near 1.1480 or the 38.2% Fibonacci retracement level, with deeper support around 1.1455 (50% retracement) and 1.1430.

Further deterioration could send the pair toward 1.1350, and a break below 1.1430 is flagged as a key trigger for that move. On the upside, resistance is listed near 1.1550, then 1.1580, where a close above could pave the way toward 1.1620 and possibly 1.1650.

In related market commentary, Action Forex says gold is consolidating above the $4,000 zone, while bearish pressure aims for a drop below $3,950 support.

Latest closeGold $4,157.80 ▲0.4%|EUR/USD 1.122 ▼0.3%

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