EUR/USD on shaky ground; recovery looks fragile as bears lurk nearby

Aayush Jindal TitanFX

Key Highlights

EUR/USD is attempting to recover from 1.1650.
A major bearish trend line is forming with resistance near 1.1750 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair recovered above 1.1700 and 1.1750 before it faced resistance. A high was formed at 1.1778 and the pair is now consolidating below the 100 simple moving average (red, 4-hour).

Besides, there is a major bearish trend line forming with resistance near 1.1750. A clear move above 1.1750 could send the pair toward the 1.1780 resistance.

The main hurdle could be near 1.1820. A close above 1.1820 could open the doors for a fresh increase. If not, EUR/USD could decline again. On the downside, there is key support at 1.1710 and the 200 simple moving average (green, 4-hour).

The next area of interest might be 1.1665. The main support could be 1.1650. Any more losses might increase selling pressure and send the pair toward 1.1580.

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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