By Areena FxEUR/USD saw a notable rise above the 1.0880 resistance level.
On the 4-hour chart, the pair crossed above the 100 and 200 simple moving averages (SMA), settling comfortably above the 1.0880 level. It even reached 1.0950 before facing selling pressure.
A peak was reached at 1.0981, after which the pair retraced. It briefly fell below 1.0950 and touched the 23.6% Fibonacci retracement level from the recent swing low of 1.0795 to the high of 1.0981.
Near-term support is around 1.0910, with a crucial bullish trend line forming at the same level. Further support lies at 1.0865, corresponding to the 61.8% Fibonacci retracement level from the recent upward move.
A breach below 1.0865 might lead to a decline towards the 1.0820 support level. Conversely, if the pair resumes upward movement, it may encounter resistance around 1.0950.
The primary resistance area now lies near 1.0980, followed by a significant barrier at 1.1000. A breakout above this zone could pave the way for further gains, with the next target for the bulls likely around 1.1080.