EUR/USD holds support, can bulls save the day?
Key highlights
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EUR/USD struggled to stay above the 1.0350 pivot zone.
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A major bullish trend line is forming with support near 1.0235 on the 4-hours chart.
EUR/USD technical analysis
Looking at the 4-hours chart, the pair settled above the 1.0250 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours). There was a spike above the 1.0350 level and the pair traded as high as 1.0368.
The pair is now correcting lower and trading below the 1.0300 level. There was a test of the 50% Fib retracement level of the upward move from the 1.0122 swing low to 1.0368 high.
On the downside, there is a decent support forming near 1.0235 level. There is also a major bullish trend line forming with support near 1.0235 on the same chart.
The main support is now forming near the 1.0200 level. A downside break below the 1.0200 support might spark more losses. The next major support is near the 1.0150 level. Any more losses might send the pair towards the 1.0100 zone.
On the upside, the pair is facing resistance near the 1.0320 level. The next major resistance is near the 1.0350 level. A clear move above the 1.0350 resistance might send the pair higher towards the 1.0400 level.
The next major resistance is 1.0420, above which the pair could accelerate higher. In the stated case, the pair could rise towards the 1.0500 resistance zone in the near term.
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.
