EUR/USD turns green, why dollar could dip further

Key highlights

• EUR/USD is showing positive signs above the 1.0500 resistance.

• It broke a few hurdles near 1.0380 and 1.0480 on the 4-hours chart.

EUR/USD technical analysis

Looking at the 4-hours chart, the pair settled above the 1.0450 zone, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).

The bulls even pushed the pair above the 1.0500 resistance and the last swing high at 1.0497. The pair is now showing positive signs above the 1.0500 level. On the upside, the pair is facing resistance near the 1.0580.

The next major resistance may perhaps be near 1.0620. A clear move above the 1.0620 and then 1.0650 might start another decent increase.

In the stated case, EUR/USD may perhaps test 1.0700. Any more gains could set the pace for a move towards the 1.0800 resistance zone.

An initial support is near the 1.0480 level. The next major support is near the 1.0440 zone. Any more losses might send the pair towards the 1.0350 support zone.