As the EUR/USD could recover, Bitcoin’s impressive surge sees it crossing the $30,000 mark, igniting excitement in the cryptocurrency market.
EUR/USD is attempting to recover above the 1.0550 resistance level. The pair has managed to surpass this resistance zone and the 100 simple moving average on the 4-hour chart. However, it is currently struggling to rise above the 1.0600 resistance and the 200 simple moving average.
A key contracting triangle is forming with resistance near 1.0600 on the same chart. If the pair can move above this triangle resistance, it could potentially rise towards the 1.0640 resistance level. A close above 1.0640 is needed to start a steady increase, with the next key resistance near 1.0700. If the pair can surpass this level, it could rise further towards the 1.0780 level.
On the downside, if there is a fresh decline, the pair may find support near 1.0565. The next key support level is seen near 1.0550, and a break below this level could test 1.0500. Further losses might send the pair towards the 1.0450 level.
Overall, the EUR/USD pair is currently attempting a recovery above the 1.0550 resistance, but faces obstacles at the 1.0600 resistance level and the 200 simple moving average. A break above these levels could lead to further gains, while a decline below support levels could result in more losses.