Key highlights
- EUR/USD attempted another increase from the 1.1000 support.
- A major bearish trend line is forming with resistance at 1.1110 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair climbed above the 50% Fib retracement level of the downward move from the 1.1155 swing high to the 1.1003 low. The pair remained stable above the 200 simple moving average (green, 4-hour) but struggled to clear the 100 simple moving average (red, 4-hour).
It also faced sellers near the 61.8% Fib retracement level of the downward move from the 1.1155 swing high to the 1.1003 low at 1.1100.
Besides, there is a major bearish trend line forming with resistance at 1.1110 on the same chart. A clear move above the 100 simple moving average (red, 4-hour) and the trend line might set the pace for a move toward 1.1150. Any more gains might call for a test of the 1.1200 zone.
On the downside, immediate support sits near the 1.1040 level. The next key support sits near the 200 simple moving average (green, 4-hour) at 1.1020. A downside break below the 1.1020 level could set the pace for a larger decline. The next major support is near the 1.0950 level.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
Recommended Content
Editors’ Picks
EUR/USD remains capped under descending trend channel near 1.1100
The EUR/USD pair gains ground around 1.1095 amid the softer US Dollar during the early Monday. Investors will closely monitor the US Federal Reserve monetary policy meeting on Wednesday for more cues about how aggressively the Fed will bring down interest rates.
GBP/USD climbs back closer to mid-1.3100s, eyes FOMC/BoE meetings this week
The GBP/USD pair attracts some dip-buying on the first day of a new week amid relatively thin trading conditions on the back of a holiday in China and Japan. Spot prices trade around the 1.3135-1.3140 region and remain close to a one-week high touched on Friday amid the prevalent US Dollar selling bias.
Gold price stands tall near record high ahead of the key FOMC meeting this week
Gold price trades with a mild positive bias near the all-time peak touched on Friday. Rising bets for a 50 bps Fed rate cut later this month continue to act as a tailwind. Bulls now await this week’s key central bank event risks before placing fresh bets.
Week ahead: Key central banks in focus
This week will be an interesting one for the financial markets. In addition to several tier-1 data, the focus will be on the US Federal Reserve, closely shadowed by the Bank of England and the Bank of Japan.
European crypto fund founder calls Tether $118 billion scam
Founder of Cyber Capital, Europe’s oldest crypto fund, criticized Tether for their reserves and said there has been no audit since 2021. In a tweet thread on X, Justin Bons supports his stance on the stablecoin firm with statistics.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.