EUR/USD plunges — Will sellers keep the pressure on?

Aayush Jindal TitanFX

Key highlights

EUR/USD declined heavily below 1.1320 and 1.1250.
A major bearish trend line is forming with resistance at 1.1275 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair dropped below 1.1250 and 1.1200. It even tested 1.1165 and settled well below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

It is now consolidating losses below the 23.6% Fib retracement level of the downward move from the 1.1380 swing high to the 1.1166 low. Immediate resistance could be 1.1250. There is also a major bearish trend line forming with resistance at 1.1275.

The first major resistance might be 1.1300. The next key resistance could be near 1.1320. A close above 1.1320 could result in a decent increase toward the 100 simple moving average (red, 4-hour) at 1.1420.

If there is another drop, the pair might find support near 1.1165. The first major support might be 1.1150. A close below 1.1150 might accelerate the decline. In the stated case, the pair might drop to 1.1080.

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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