Greenback surges, dragging EUR/USD lower at market open
Key highlights
- EUR/USD declined heavily and opened lower below 1.0320.
- It traded below a key bullish trend line with support at 1.0370 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair settled below the 1.0350 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bears seem to be in control and might aim for more losses.
On the downside, immediate support sits near the 1.0210 level. The next key support sits near the 1.0200 level. Any more losses could send the pair toward the 1.1165 level.
On the upside, the pair seems to be facing hurdles near the 1.0270 level. The next major resistance is near the 1.0300 level. A close above the 1.0300 level could set the tone for another increase. In the stated case, the pair could even clear the 1.0350 resistance and the 100 simple moving average (red, 4-hour).
Looking at Bitcoin, there was a sharp decline and the price traded below the $95,000 support zone.
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.
