EUR/USD Reaches Key Resistance Level
The EUR/USD currency pair is showing signs of strength as it climbs towards the 1.1580 resistance level, according to recent analysis by Action Forex.
The pair has regained traction and surpassed the 1.1550 resistance zone, with support levels remaining above 1.1500 against the US Dollar.
Looking at the 4-hour chart, EUR/USD has settled well above both the 100 simple moving average (red) and the 200 simple moving average (green), but is now facing a major hurdle at 1.1580.
A close above this level could lead to further gains, with potential targets including 1.1620, 1.1685, and possibly even 1.1750 if momentum continues.
However, analysts also note that any further losses may send the pair towards support levels at 1.1535, 1.1500, or potentially as low as 1.1350 in a worst-case scenario.