EUR/USD bears eye control: Is the downtrend set to continue?

Aayush Jindal TitanFX

Key highlights

EUR/USD struggled to recover above the 1.0900 resistance zone.
A connecting trend line is forming with resistance at 1.0900 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair traded above the 23.6% Fib retracement level of the downward move from the 1.1208 swing high to the 1.0761 low. However, the bears were active near 1.0900 and the pair remained well below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

The pair is again declining and trading below 1.0880. On the downside, immediate support sits near the 1.0780 level. The next key support sits near the 1.0760 level.

Any more losses could send the pair toward the 1.0720 level. On the upside, the pair could face resistance near the 1.0900 level. The first key resistance is near the 1.0920 level. A close above the 1.0920 level could set the tone for another increase.

The next major resistance could be 1.0950, above which the price could accelerate higher toward the 1.0980 resistance.

Author

Aayush Jindal

TitanFX

I have spent over six years as a financial markets contributor and observer, and possess strong technical analytical skills. I am a software engineer by profession, loves blogging and observing financial markets.

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