EUR/USD flashes breakdown signals — Is another drop coming?

Aayush Jindal TitanFX

Key highlights

EUR/USD started a fresh decline from 1.2080.
It traded below a key bullish trend line with support at 1.1880 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair traded below a key bullish trend line with support at 1.1880 to start the recent decline. The pair dipped below the 38.2% Fib retracement level of the upward move from the 1.1577 swing low to the 1.2083 high.

Immediate support could be 1.1820 or the 50% Fib retracement level of the upward move from the 1.1577 swing low to the 1.2083 high. The first major area for the bulls might be near 1.1800.

The main support sits at 1.1770, below which the pair might test the 200 simple moving average (green, 4-hour) and the 100 simple moving average (red, 4-hour).

If there is a fresh increase, the pair could face resistance near 1.1910. The first key hurdle could be 1.1940. The next stop for the bulls might be 1.1960, where they could face hurdles. A close above 1.1960 could open the doors for more gains. In the stated case, the bulls could aim for a move toward 1.2080.

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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