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EUR/USD – hourly chart downtrend breached, eyes further gains

FX:EURUSD   Euro/U.S. Dollar
Support – 1.1419 (23.6% of 1.0463-1.1714 + hourly 200-MA), 1.1393, 1.1376-1.4342

Resistance – 1.1465, 1.15, 1.1534

  • Euro’s rebound from 10-DMA followed by a breach of falling trendline on the hourly and break above hourly 200-MA indicates increased odds of a rise to 10-DMA at 1.1467.
  • Although traders should observe caution as failure to sustain above 1.1419 could kill bullish momentum.
  • On the lower side, area around 1.1320 (smaller rising trend line support) stands exposed if pair dips below 10-SMA of 1.1401.
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