EUR/USD under pressure as fresh downside risks emerge

Key highlights

• EUR/USD started a fresh decline from the 1.1475 resistance zone.
• A bearish trend line is forming with resistance at 1.1405 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair settled below 1.1420, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bears pushed the pair toward the 1.1365 support.

If there is an increase in bearish pressure, the pair could decline below 1.1350. The first major support could be near 1.1325. The main support might be 1.1300.

A downside break and close below 1.1300 might send the pair toward 1.1265. Any more losses could open the doors for a test of 1.1240. On the upside, the pair could face resistance near 1.1400. There is also a bearish trend line forming with resistance at 1.1405.

The next major resistance might be 1.1420 and the 100 simple moving average (red, 4-hour). A close above 1.1420 could start another steady increase. In the stated case, the bulls could aim for a move to 1.1450. Any more gains might open the doors for a test of 1.1475.