If the EUR/USD crosses this barrier, it may rise.
On the 4-hour chart, the pair had a low of 1.0481 before moving higher. The resistance levels of 1.0550 and 1.0600 were moved above.
The downward movement from the 1.0713 swing high to 1.0481 low was retraced by 50% using the Fibonacci ratio, and the bulls were able to push the pair above this level.
The 100 simple moving average (red, 4-hours), the 200 simple moving average, and the 1.0620 level are all being traded above by the pair at this time.
An early resistance on the upswing is located close to the 1.0700 level.
On the same chart, a connecting bearish trend line is also developing, with resistance situated close to 1.0710. The area around 1.0720 might serve as the next significant resistance.
A clear break over the resistance level of 1.0720 could signal the beginning of a continuous rise. In the aforementioned scenario, the EUR/USD pair might begin to steadily rise.
The pair might increase towards the 1.0800 level in the scenario described.
A significant support level at 1.0620 and the 100 simple moving average are present on the downside (red, 4-hours). Near the 1.0550 level, the major support is currently forming.
