- EUR/USD extended losses and tested the 1.0500 support.
- A key bearish trend line is forming with resistance at 1.0585 on the 4-hour chart.
EUR/USD technical analysis
Looking at the 4-hour chart, the pair settled below the 1.0600 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There was also a move below the 1.0550 level.
A low was formed at 1.0496 and the pair is now consolidating losses. On the upside, the pair could face resistance near the 1.0565 level. There is also a key bearish trend line forming with resistance at 1.0585 on the same chart.
The first key resistance is near the 1.0600 level or the 23.6% Fib retracement level of the downward move from the 1.0939 swing high to the 1.0496 low.
A close above the 1.0600 level could set the tone for another increase. The next major resistance could be 1.0650, above which the price could accelerate higher toward the 1.0765 resistance. It is near the 61.8% Fib retracement level of the downward move from the 1.0939 swing high to the 1.0496 low.
On the downside, immediate support sits near the 1.0500 level. The next key support sits near the 1.0465 level. Any more losses could send the pair toward the 1.0420 level or even 1.0380 in the near term.
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
AUD/USD consolidates the rebound above 0.6450
AUD/USD clings to recovery gains above 0.6450 in the Asian session on Monday. A pause in the US Dollar uptrend supports the pair but the further rebound appears eluisive amid renewed geopolitical tensions between Russia and Ukraine. Fedspeak is next in focus.
USD/JPY regains 154.00 and beyond amid BoJ's Ueda-led volatility
USD/JPY has recaptured 154.00 in Asian trading on Monday after BoJ Governor Kazuo Ueda's comments injected volatility around the Japanese Yen. Ueda offered no clues on a likely December interest rate hike, weigihing heavily on the Yen while triggering a big USD/JPY jump.
Gold bounces off key support on renewed Russia-Ukraine geopolitical risks
Gold price (XAU/USD) extends its rebound to test $2,600 early Monday, snapping a six-day losing streak. The latest uptick in Gold price could be attributed to rsurfacing Russia-Ukraine geopolitical tensions after US authorizes Ukraine to use long-range US weapons to strike inside Russia.
Dollar rally 2024: Epic bull run or dangerous bubble?
Dear, The US dollar is surging—how high can it go? Is this unstoppable growth or a bubble about to burst? Discover the 5 key factors fueling this rally Watch, learn, and get ready for what’s next! .
Week ahead: Preliminary November PMIs to catch the market’s attention
With the dust from the US elections slowly settling down, the week is about to reach its end and we have a look at what next week’s calendar has in store for the markets. On the monetary front, a number of policymakers from various central banks are scheduled to speak.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.