EUR/USD eyes fresh highs, oil price rallies

Key highlights

• EUR/USD remained well bid above the 1.0620 support zone.

• A major bullish trend line is forming with support near 1.0700 on the 4-hours chart.

EUR/USD technical analysis

Looking at the 4-hours chart, the pair traded as low as 1.0627 before it started a fresh increase. There was a move above the 1.0700 resistance level. The pair remained well bid above the 1.0650 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).

There was a move above the 50% Fib retracement level of the downward move from the 1.0787 swing high to 1.0627 low. However, the pair faced sellers near 1.0750.

The 76.4% Fib retracement level of the downward move from the 1.0787 swing high to 1.0627 low acted as a hurdle. It is now consolidating below the 1.0750 resistance.

The next major barrier could be near the 1.0800 level, above which EUR/USD could accelerate higher towards the 1.0880 resistance.

If there is a downside correction, the pair could decline towards the 1.0700 support. There is also a major bullish trend line forming with support near 1.0700 on the same chart. The next major support sits near the 1.0650 level.

The main support sits near 1.0620 and the 100 simple moving average (red, 4-hours). Any more losses might send the pair towards the 1.0500 support.