EUR/USD turns red, upsides could face hurdles

Aayush Jindal TitanFX

Key highlights

EUR/USD started a fresh decline below the 1.1080 support.
It traded below a key bullish trend line with support at 1.1145 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair gained bearish momentum below the 1.1150 support, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair traded below a key bullish trend line with support at 1.1145 on the same chart.

The bears even pushed the pair below 1.1020. It seems like the pair might struggle to recover. On the upside, the bears might be active near the 1.1000 level.

The first major resistance might be near the 1.1080 level. It is close to the 50% Fib retracement level of the downward move from the 1.1208 swing high to the 1.0950 zone. A close above the 1.1080 level could set the tone for another increase.

The next major resistance could be 1.1145. A clear move above the 1.1145 level might send EUR/USD toward 1.1200. Any more gains might call for a test of the 1.1250 zone.

On the downside, immediate support sits near the 1.0950 level. The next key support sits near the 1.0920. Any more losses could send the pair toward the 1.0840 support.

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.

AUD/USD hits nine-week lows below 0.7000 on RBA Bullock's remarks

AUD/USD reverses a brief uptick and turns lower to hit nine-week lows below 0.7000 in the European morning on Tuesday, as traders digest cautious remarks from Reserve Bank of Australia (RBA) Governor Michele Bullock during the press conference. Earlier on, the RBA raised the cash rate to 4.60%, as widely expected, leaving the door open to further rate hikes if needed.

USD/JPY consolidates near 157.50 as a bullish USD counters intervention risks

USD/JPY struggles to capitalize on the overnight bounce from a one-week low, consolidating around 157.50 in the Asian session on Tuesday. Trump's concerns about the Japanese Yen's weakness fueled speculation about another US-Japan joint intervention. This, along with the hawkish BoJ, underpins the JPY and caps the currency pair. Meanwhile, rising Fed rate-hike bets and oil-driven inflation fears continue to push US bond yields to multi-year highs, keeping the US Dollar pinned near a two-month high and supporting the pair.

Gold regains some traction; focus remains on $4,100

Gold manages to gather some composure and bounces off recent lows near the key $4,100 mark per troy ounce on Tuesday. The move higher in the precious metal comes despite the firmer US Dollar and rising US Treasury yields across the board, while escalating geopolitical tensions appear to limit the downside potential.