Key Highlights
- EUR/USD extended decline below the 1.1350 support zone.
- A connecting bearish trend line is forming with resistance near 1.1320 on the 4-hours chart.
EUR/USD Technical Analysis
Looking at the 4-hours chart, the pair even settled below the 1.1350 zone, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
The pair even traded below the 1.1320 support zone. A low is formed near 1.1249 and the pair is now consolidating losses.
On the upside, the pair is facing resistance near 1.1315. It is near the 50% Fib retracement level of the recent decline from the 1.1374 swing high to 1.1249 low. There is also a connecting bearish trend line forming with resistance near 1.1320 on the same chart.
A clear break above the 1.1315 and 1.1320 resistance levels could open the doors for more gains. The next key resistance could be 1.1400.
On the downside, an initial support is near the 1.1250 level. A downside break below 1.1250 may perhaps open the doors for a move towards 1.1220. The next major support sits at 1.1200, below which the pair could dive to 1.1150.
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
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Bitcoin price extends retreat from $69K as old whales shift their holdings to new whales
Bitcoin price continues to move further away from the $69,000 threshold, gaining ground as BTC bulls hope for a retest of the $73,777 peak. This is because of the general assumption that clearing this blockade would set the tone for a reach higher, marking a new all-time high.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.