EUR/USD takes hit and at risk of more downsides

Aayush Jindal TitanFX

Key highlights

EUR/USD struggled near 1.1020 and started a fresh decline.
It traded below a key bullish trend line with support at 1.0860 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair settled below the 1.0880 support, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

It traded below a key bullish trend line with support at 1.0860 on the same chart. There was a drop below the 61.8% Fib retracement level of the upward move from the 1.0656 swing low to the 1.1017 high.

The pair is now consolidating above the 76.4% Fib retracement level of the upward move from the 1.0656 swing low to the 1.1017 high.

If there is a downside break below the 1.0740 support, the pair could drop toward the 1.0700 level. The next major support is 1.0650, below which the bears might take control.

On the upside, immediate resistance is near the 1.0820 level. The next key resistance is near the 1.0880 level. The main resistance is near 1.0920. A close above the 1.0920 zone could open the doors for more upsides. The next stop for the bulls might be 1.1000.

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.

EUR/USD recedes to daily lows near 1.1850

EUR/USD keeps its bearish momentum well in place, slipping back to the area of 1.1850 to hit daily lows on Monday. The pair’s continuation of the leg lower comes amid decent gains in the US Dollar in a context of scarce volatility and thin trade conditions due to the inactivity in the US markets.

GBP/USD resumes the downtrend, back to the low-1.3600s

GBP/USD rapidly leaves behind Friday’s decent advance, refocusing on the downside and retreating to the 1.3630 region at the beginning of the week. In the meantime, the British Pound is expected to remain under the microscope ahead of the release of the key UK labour market report on Tuesday.

Gold looks inconclusive around $5,000

Gold partially fades Friday’s strong recovery, orbiting around the key $5,000 region per troy ounce in a context of humble gains in the Greenback on Monday. Additing to the vacillating mood, trade conditions remain thin amid the observance of the Presidents Day holiday in the US.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.