Key Highlights
- EUR/USD started a fresh increase from the 1.1650 support zone.
- It cleared a key bearish trend line with resistance at 1.1710 on the 4-hour chart.
- GBP/USD gained pace for a move above the 1.3550 resistance.
- USD/JPY started a consolidation phase after a sharp decline to 155.50.
EUR/USD Technical Analysis
The Euro remained supported above 1.1650 against the US Dollar. EUR/USD formed a base and started a fresh increase above 1.1700.
Looking at the 4-hour chart, the pair cleared a key bearish trend line with resistance at 1.1710. The bulls pushed the pair above the 50% Fib retracement level of the downward move from the 1.1849 swing high to the 1.1655 low.
However, the bears were active near the 1.1775 zone and the 61.8% Fib retracement level. The pair is now consolidating just below the 100 simple moving average (red, 4-hour) and is well above the 200 simple moving average (green, 4-hour).
On the upside, the pair faces resistance at 1.1750. The first major resistance sits at 1.1775. The main resistance could be 1.1840. A close above 1.1840 could open doors for gains above 1.1865. In the stated case, the bulls could aim for a move to 1.1920.
Immediate support is seen near 1.1700. The next support could be 1.1650. A close below 1.1650 might push the pair toward 1.1600. Any more losses could initiate a fresh move to 1.1550 in the coming days.
Looking at GBP/USD, the pair is attempting a fresh increase, and a close above 1.3620 could trigger steady gains.
Upcoming Key Economic Events:
- Germany’s Manufacturing PMI for April 2026 – Forecast 51.2, versus 51.2 previous.
- Euro Zone Manufacturing PMI for April 2026 – Forecast 52.2, versus 52.2 previous.
