EUR/USD starts another correction, gold rallies
|Key Highlights
- EUR/USD failed near 1.1495 and started a downside correction.
- It traded below a key bullish trend line with support near 1.1385 on the 4-hours chart.
Looking at the 4-hours chart, the pair started a downside correction below the 1.1450 level. The pair spiked below the 38.2% Fib retracement level of the upward move from the 1.1124 swing low to 1.1494 high.
Besides, there was a break below a key bullish trend line with support near 1.1385 on the same chart. It tested the 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours).
The next major support is near the 1.1310 level. It is near the 50% Fib retracement level of the upward move from the 1.1124 swing low to 1.1494 high.
Any more losses could push EUR/USD towards the 1.1250 support. On the upside, the pair might face sellers near the 1.1400 level. The main breakout resistance is still near the 1.1480 and 1.1500 levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.