EUR/USD Signaling Bullish Continuation Above 1.1620

• The Euro made a nice upside move from the 1.1300 swing low against the Japanese Yen.
• There was a break above a crucial bearish trend line with resistance at 1.1460 on the 4-hour chart of EUR/USD.

EURUSD Technical Analysis

After a major decline, the Euro found support near the 1.1300 level against the US Dollar. The EUR/USD pair climbed higher and broke the 1.1450, 1.1500 and 1.1550 resistance levels.

Looking at the 4-hours chart, the pair made a nice upside move and traded above the 1.1500 pivot level. There was also a break above the 50% fib retracement level of the last decline from the 1.1745 high to 1.1300 low.

Moreover, there was a break above a crucial bearish trend line with resistance at 1.1460 on the same chart. Lastly, the pair settled above the 1.1550 level and the 100 simple moving average (red).

Once there is a proper close above the 76.4% fib retracement level of the last decline from the 1.1745 high to 1.1300 low, there could be more gains above the 1.1650 level in the near term.

On the flip side, if there is a downside correction, the pair is likely to find support near the 1.1575 and 1.1540 support levels.

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