Key highlights

  • EUR/USD started a downside correction from the 1.1040 zone.
  • It traded below a key bullish trend line at 1.0880 on the 4-hours chart.

EUR/USD technical analysis

Looking at the 4-hours chart, the pair declined below the 1.1000 and 1.0950 support levels. There was break below a key bullish trend line at 1.0880. The pair even declined below the 61.8% Fib retracement level of the upward move from the 1.0801 swing low to 1.1032 high.

The pair settled below the 1.0850 level and the 100 simple moving average (red, 4-hours). It is now trading near the 1.0780 support zone.

Chart

The next major support is near the 1.0750 level and the 200 simple moving average (green, 4-hours). If there is a downside break, the pair could decline towards the 1.0680 level.

On the upside, the pair is facing resistance near 1.0850 and the 100 simple moving average (red, 4-hours). The first major resistance is near the 1.0880 level. A clear move above the 1.0880 resistance might start a steady increase towards the 1.0950 resistance zone.

Any more gains could open the doors for a move towards the 1.1000 level. The next key hurdle is near 1.1040, above which the pair could climb towards the 1.1200 resistance zone.

Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD retreats below 1.0850 after upbeat US PMI data

EUR/USD retreats below 1.0850 after upbeat US PMI data

EUR/USD lost its traction and declined below 1.0850 in the American session on Thursday. Upbeat PMI data from the US, combined with the mixed action seen in Wall Street's main indexes, helps the US Dollar gather strength and weighs on the pair.

EUR/USD News

GBP/USD falls toward 1.2700 as USD benefits from PMI data

GBP/USD falls toward 1.2700 as USD benefits from PMI data

GBP/USD came under modest bearish pressure and declined toward 1.2700 in the second half of the day on Thursday. The US Dollar (USD) benefits from the PMI data, which showed an ongoing expansion in the private sector at an accelerating pace, and weighs on the pair.

GBP/USD News

Gold extends slide below $2,350.00

Gold extends slide below $2,350.00

Gold stays on the back foot and trades at its lowest level in over a week below $2,350. The benchmark 10-year US Treasury bond yield rises more than 1% following the stronger-than-forecast PMI data from the US, forcing XAU/USD to stretch lower.

Gold News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

Read more

US S&P Global PMIs Preview: Economic expansion set to persist in May

US S&P Global PMIs Preview: Economic expansion set to persist in May

On Thursday, S&P Global will issue its flash estimates of the United States (US) Purchasing Managers Indexes (PMIs), a monthly survey of business activity. The survey is separated into services and manufacturing output and aggregated into a single statistic, the Composite PMI.

Read more

Majors

Cryptocurrencies

Signatures