Key Highlights
- EUR/USD extended decline below 1.1520 and 1.1500.
- A major bearish trend line is forming with resistance near 1.1525 on the 4-hours chart.
EUR/USD Technical Analysis
Looking at the 4-hours chart, the pair settled below the 1.1520 level, the 200 simple moving average (green, 4-hours), and the 100 simple moving average (red, 4-hours).
There was a clear break below the 1.1450 level and the pair traded as low as 1.1431. It is now consolidating losses above the 1.1440 level. An immediate resistance is near the 1.1480 level. It is near the 23.6% Fib retracement level of the recent decline from the 1.1605 swing high to 1.1431 low.
The next major resistance is near the 1.1510 level. The main resistance is forming near 1.1520 and a bearish trend line. It is close to the 50% Fib retracement level of the recent decline from the 1.1605 swing high to 1.1431 low.
A clear break above the 1.1510 and 1.1520 resistance levels could open the doors for a steady increase. The next key resistance could be 1.1565.
An immediate support is near the 1.1440 level. The main breakdown support is near the 1.1435 level, below which there is a risk of a sharp decline. The next major support is near the 1.1250 level.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
EUR/USD stays in positive territory above 1.0850 after US data
EUR/USD clings to modest daily gains above 1.0850 in the second half of the day on Friday. The improving risk mood makes it difficult for the US Dollar to hold its ground after PCE inflation data, helping the pair edge higher ahead of the weekend.
GBP/USD stabilizes above 1.2850 as risk mood improves
GBP/USD maintains recovery momentum and fluctuates above 1.2850 in the American session on Friday. The positive shift seen in risk mood doesn't allow the US Dollar to preserve its strength and supports the pair.
Gold rebounds above $2,380 as US yields stretch lower
Following a quiet European session, Gold gathers bullish momentum and trades decisively higher on the day above $2,380. The benchmark 10-year US Treasury bond yield loses more than 1% on the day after US PCE inflation data, fuelling XAU/USD's upside.
Avalanche price sets for a rally following retest of key support level
Avalanche (AVAX) price bounced off the $26.34 support level to trade at $27.95 as of Friday. Growing on-chain development activity indicates a potential bullish move in the coming days.
The election, Trump's Dollar policy, and the future of the Yen
After an assassination attempt on former President Donald Trump and drop out of President Biden, Kamala Harris has been endorsed as the Democratic candidate to compete against Trump in the upcoming November US presidential election.