Can EURUSD Break Above 1.162 Resistance and Target 1.166 After KDJ and MACD Golden Crosses Flash Bullish?

EURUSD reached a two-month high

Last Friday, EURUSD continued climbing. It reached a two-month high of 1.1585 for some time.

Eurozone GDP revision met market expectations in the second quarter

Eurozone GDP revision, y/y (Quarter 2) was 1%, which met market expectations and was in line with the prior value, according to the data from the Eurostat.

The USDX was capped and declined

Last Friday, as US Retail Sales, m/m (July) was weak, the USDX continued falling. It ended down 0.32% at 99.64.

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 the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that EURUSD will rise further. Investors should focus on whether EURUSD will break through the resistance at 1.162. It will rise with potential resistance at 1.166 if it breaks above 1.162.

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, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether EURUSD will break through the support at 1.156. It will climb if it retreats but is stable above 1.156.

Key resistance: 1.162,1.166

Key support: 1.156,1.151

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