Bullish EURUSD Setup: 1.162 Support Holds as Price Tests 1.166 Resistance

EURUSD climbed to a two-week high

On Wednesday, EURUSD continued rising. At one point, it broke above the 1.165 mark, reaching the highest level since 28^th August.

Eurozone GDP was higher than expected in the second quarter

Eurozone GDP, y/y (Quarter 2) increased from 1.0% to 1.2% Vs. 1.0% (forecast), according to the data from the Eurostat.

The USDX fell for three consecutive trading days

On Wednesday, the USDX decreased for the third straight trading day. It ended down 0.06% at 98.78.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, EURUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that EURUSD will jump further. Investors should focus on whether EURUSD will break through the resistance at 1.166. It will rise with potential resistance at 1.171 if it breaks above 1.166.

4-hour chart

On the 4-hour chart, EURUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, moving averages went upwards, showing that the market trend is bullish. Investors should focus on whether EURUSD will break through the support at 1.162. It will jump if it retreats but is stable above 1.162.

Key resistance: 1.166,1.171

Key support: 1.162,1.158

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as EURUSD retreats during the day.