EUR/USD wavers: A tough road ahead for the bulls

Aayush Jindal TitanFX

Key highlights

EUR/USD struggled to extend gains above the 1.0620 resistance zone.
It traded below a connecting bullish trend line with support at 1.0535 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair traded below a connecting bullish trend line with support at 1.0535. There was a move below 1.0480 and the pair traded as low as 1.0453. It is now consolidating losses and trading near the 38.2% Fib retracement level of the downward move from the 1.0629 swing high to the 1.0453 low.

The pair is now below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). On the upside, the pair could face resistance near the 1.0520 level.

The first major resistance is near the 1.0540 level. It is close to the 50% Fib retracement level of the downward move from the 1.0629 swing high to the 1.0453 low. A close above the 1.0540 level could set the tone for another increase.

The next major resistance could be the 1.0600 level, above which the price could climb higher toward the 1.0620 resistance.

On the downside, immediate support sits near the 1.0480 level. The next key support sits near the 1.0450 level. Any more losses could send the pair toward the 1.0410 level.

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.

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