EUR/USD Rebounds, Bull Run Not Over Yet

The 4-hour chart shows that EUR/USD has broken above the 1.0780 resistance area. The price closed above the 100 SMA (red, 4-hour) and the 200 SMA (green, 4-hour).

EUR/USD even tested the 1.0840 area and is currently consolidating gains. On the upside, EUR/USD is likely to face resistance near 1.0850. The next resistance is at 1.0865.

The main resistance is at 1.0920. A clear break above the 1.0920 resistance level could lead to a test of the 1.0980 level. Further gains could lead to a test of the 1.1120 area in the coming days.

The immediate support is near the 1.0810 level and the 23.6% Fibonacci retracement level of the up move from the 1.0660 swing range low to the 1.0842 high. The next major support is near the 1.0790 level. The same chart shows that a key bullish trend line is forming with support at 1.0790.

EUR/USD could fall further if it manages to break down and close below the 1.0790 support area. In this case, EUR/USD could fall towards the 1.0730 level and the 100 SMA (red, 4-hours).

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