EUR/USD turns red, are bears back in action?
|Key highlights
- EUR/USD started a major decline below the 1.1000 support.
- A short-term bearish trend line is forming with resistance at 1.0865 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair settled below the 1.0980 pivot level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair even tested the 1.0810 level and currently consolidating losses.
There was a minor increase above the 1.0840 level. On the upside, the bears might be active near the 1.0865 level. There is also a short-term bearish trend line forming with resistance at 1.0865 on the same chart.
The first major resistance might be near the 1.0900 level. A close above the 1.0900 level could set the tone for another increase. The next major resistance could be 1.0980.
On the downside, immediate support sits near the 1.0820 level. The next key support sits near the 1.0800 level. Any more losses could send the pair toward the 1.0750 level.
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