EUR/USD dips further as sellers maintain control over short-term trend

Aayush Jindal TitanFX

Key highlights

EUR/USD started a fresh decline and traded below 1.1550.
A bearish trend line is forming with resistance at 1.1530 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair settled below 1.1550, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair even spiked below 1.1520 and tested the 1.1490 zone.

A low was formed at 1.1491 and the pair is now consolidating losses. On the upside, the pair faces resistance near the 1.1530 zone. There is also a bearish trend line forming with resistance at 1.1530.

The first key hurdle sits at 1.1550. A close above 1.1550 might send the pair higher toward 1.1620. The next resistance could be 1.1650. Any more gains could set the pace for a steady increase toward 1.1720.

On the downside, there is a key support at 1.1500. The next support is 1.1465, below which the pair could start a steady decline to 1.1420. A close below 1.1420 could start a pullback toward 1.1350.

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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