EUR/USD slides further, recovery hopes start to thin
|Key highlights
- EUR/USD started a fresh decline below 1.1700 and 1.1650.
- A major bearish trend line is forming with resistance at 1.1665 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair declined below 1.1650 and even spiked below 1.1660. A low was formed at 1.1577, and the pair is now trading well below the 200 simple moving average (green, 4-hour) and the 100 simple moving average (red, 4-hour).
Immediate resistance sits near 1.1630. It is close to the 23.6% Fib retracement level of the downward move from the 1.1807 swing high to the 1.1577 low.
The first key hurdle is seen near 1.1665. There is also a major bearish trend line forming with resistance at 1.1665. A close above 1.1665 could open the doors for a move toward 1.1700. Any more gains could set the pace for a steady increase toward 1.1750.
If there is no move above 1.1665, there could be a bearish reaction. On the downside, immediate support is near the 1.1600 level. The first major area for the bulls might be near 1.1575.
A close below 1.1575 might spark heavy bearish moves. The next support could be 1.1520, below which the bears might aim for a move toward 1.1450.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.