EUR/USD rejected at resistance, bears eye fresh decline ahead

Key highlights

• EUR/USD started another decline and traded below 1.1840.
• A key bearish trend line is forming with resistance at 1.1800 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair settled below 1.1820, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). A low was formed at 1.1742, and the pair is now consolidating losses.

There was a minor upward move above the 23.6% Fib retracement level of the downward move from the 1.1928 swing high to the 1.1742 low. However, the bears are active below 1.1840.

On the upside, the pair is now facing hurdles near 1.1800. There is also a key bearish trend line forming with resistance at 1.1800. The first major resistance sits at 1.1840. A close above 1.1840 could open the doors for more gains. In the stated case, the bulls could aim for a move to 1.1900. The main resistance sits near 1.1925.

Immediate support could be 1.1765. The first major area for the bulls might be near 1.1740. The main support sits at 1.1720, below which the pair might gain bearish momentum. In the stated case, it could even revisit 1.1650 in the coming days.