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EUR/USD pauses after climbing above 1.1700, traders watch 1.1610

The euro held above the 100 and 200 four-hour moving averages and faces 1.1700 to 1.1725 as key resistance levels before any next push.

Reported · Written up by our desk · Major Pairs

EUR/USD found support near 1.1520 against the US dollar and moved higher, breaking above the 1.1580 resistance zone and settling above 1.1600 on the 4-hour chart, according to Action Forex.

The pair rose above 1.1700 and reached 1.1711 before starting a consolidation phase. The analysis points to potential downside bids near 1.1635, with first major support around 1.1610, near the 50% retracement of the move from the 1.1511 swing low to the 1.1711 high.

Further support areas are identified around 1.1560 and the 100 simple moving average on the 4-hour chart, then 1.1500 and the 200 simple moving average. A downside break and close below 1.1500 could shift focus toward 1.1420, and potentially 1.1350 and 1.1880 on the upside if bulls regain momentum.

On the upside, the hurdle is cited at 1.1700, with the next major resistance near 1.1725, where a close above could set up another steady increase, potentially targeting 1.1800 and then 1.1880. The update also notes Bitcoin rallied over 20% and tested the $80,000 level, before potentially starting a downside correction.

Latest closeBitcoin $77,029.57 ▼0.1%|EUR/USD 1.157 ▲0.4%

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