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EUR/USD Gains Momentum, Yet Critical Hurdles Could Limit Upside

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Aayush Jindal

Key Highlights

  • EUR/USD is attempting a fresh increase above the 1.1650 resistance.
  • It cleared a key declining channel with resistance at 1.1685 on the 4-hour chart.
  • GBP/USD is holding gains above the 1.3400 pivot zone.
  • Gold could eye a fresh upward move if it clears the $3,375 barrier.

EUR/USD Technical Analysis

The Euro remained supported above 1.1580 against the US Dollar. EUR/USD started a fresh increase above the 1.1620 and 1.1650 levels.

Looking at the 4-hour chart, the pair cleared a key declining channel with resistance at 1.1685. The pair even climbed 1.1700, and settled above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

On the upside, the pair now faces resistance near 1.1730. The next key resistance sits at 1.1750. A close above 1.1750 could set the pace for another increase.

In the stated case, the pair could rise toward 1.1800, above which the bulls could aim for a move toward 1.1840. On the downside, immediate support is 1.1680 and the same channel’s trend line.

The next key support sits at 1.1645 and the 200 simple moving average (green, 4-hour). Any more losses could send the pair toward the 1.1600 support zone.

Looking at GBP/USD, the pair started a fresh increase from the 1.3400 zone, but the bears are currently active near 1.3540.

Upcoming Key Economic Events:

  • US New Home Sales for July 2025 (MoM) – Forecast +0.1% versus -0.6% previous.
  • Chicago Fed National Activity Index for July 2025 – Forecast -0.1, versus -0.1 previous.
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