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EUR/USD pushes higher, traders watch 1.1600 resistance closely
The pair is consolidating gains above the 23.6% Fib level, with a close above 1.1600 flagged as a potential trigger for further advances toward 1.1650.
EUR/USD has resumed higher after building a base above 1.1380 versus the US dollar, according to Action Forex. The pair moved through 1.1450 and 1.1500, gained pace toward 1.1580, and formed a high at 1.1581.
In the 4-hour view, EUR/USD is consolidating gains above the 23.6% Fib retracement of the move from the 1.1352 swing low to the 1.1581 high. The pair is also holding above the 100 and 200 simple moving averages on the 4-hour chart, with resistance near 1.1580 and a next major level at 1.1600.
Action Forex also points to a contracting triangle pattern with resistance at 1.1600. It says a close above 1.1600 could set up another steady increase, with bulls targeting 1.1650 and potentially 1.1685 if momentum continues.
On the downside, bids are expected around 1.1540, followed by support near 1.1500 and 1.1465, where a break and close below could send EUR/USD toward 1.1400 and eventually 1.1350, the analysis adds.
Latest closeEUR/USD 1.152 ▼0.3%