EUR/USD struggles to break free from its bearish spell

Aayush Jindal TitanFX

Key highlights

EUR/USD started a fresh decline and revisited 1.1110.
A bearish trend line is forming with resistance at 1.1225 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair settled below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). It even revisited the 1.1110 zone. A low was formed at 1.1104, and the pair started a minor recovery wave.

There was a move above the 50% Fib retracement level of the downward move from the 1.1256 swing high to the 1.1104 low. However, the bears are active near the 1.1200 resistance.

The first major resistance might still be 1.1220. There is also a bearish trend line forming with resistance at 1.1225. A close above 1.1225 could start a steady increase. In the stated case, the pair might even surpass 1.1260.

If there is another decline, the pair might find support near 1.1140. The first major support could be 1.1100. A close below 1.1100 might accelerate the decline. In the stated case, the pair might drop to 1.1040. The main support could be 1.1000, below which the bears may gain strength for a sustained downward move.

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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