Euro weakens: EUR/USD faces growing downside risks

Aayush Jindal TitanFX

Key highlights

EUR/USD failed to recover above 1.0450 and declined again.
A short-term bearish trend line is forming with resistance at 1.0300 on the 4-hour chart.

EUR/USD technical analysis

Looking at the 4-hour chart, the pair settled below the 1.0320 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair tested the 1.0215 zone and is currently consolidating losses.

On the upside, the pair is facing hurdles near the 1.0300 level. There is also a short-term bearish trend line forming with resistance at 1.0300 on the same chart.

The first major resistance is near the 1.0335 level. The next major resistance is near the 1.0350 level. A close above the 1.0350 level could set the tone for another increase. In the stated case, the pair could rise toward the 1.0450 resistance.

On the downside, immediate support sits near the 1.0215 level. The next key support sits near the 1.0200 level. Any more losses could send the pair toward the 1.01120 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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