Key Highlights
- EUR/USD started a fresh decline below the 1.1600 support.
- It traded below a major bullish trend line with support at 1.1605 on the 4-hour chart.
- GBP/USD declined further below 1.3250 and 1.3200.
- Gold started a consolidation phase near $4,000.
EUR/USD Technical Analysis
The Euro started another decline below 1.1620 against the US Dollar. EUR/USD traded below 1.1600 and 1.1580 to enter a bearish zone.
Looking at the 4-hour chart, the pair settled below 1.1600, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair traded as low as 1.1521 and started a consolidation phase.
On the upside, the pair faces resistance near the 1.1555 level or the 23.6% Fib retracement level of the downward move from the 1.1668 swing high to the 1.1555 low.
The next hurdle could be near 1.1580. A close above 1.1580 resistance might push the pair to 1.1610 and the 100 simple moving average (red, 4-hour). Any more gains could set the pace for a steady increase toward 1.1650.
On the downside, the pair might find support at 1.1520. The main support might be 1.1500. A close below the 1.1500 zone could start a major pullback toward 1.1450. Any more losses might open the doors for a test of 1.1400.
Looking at GBP/USD, the pair is declining, and there are chances of more losses below the 1.3120 level in the near term.
Upcoming Key Economic Events:
- US S&P Manufacturing PMI for Oct 2025 – Forecast 52.2, versus 52.2 previous.
- US ISM Manufacturing Index for Oct 2025 – Forecast 49.2, versus 49.1 previous.
