Key Highlights
- EUR/USD declined heavily below 1.1620 and 1.1600.
- A major bearish trend line is forming with resistance at 1.1765 on the 4-hour chart.
- Crude oil prices surged above $100 and $110 amid the ongoing Iran conflict.
- Gold prices remained in a range below the $5,250 resistance.
EUR/USD Technical Analysis
The Euro failed to stay above 1.1620 against the US Dollar. EUR/USD declined heavily below 1.1600 and even traded below 1.1565.
Looking at the 4-hour chart, the pair settled well below 1.1600, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair traded as high as 1.1507 and is currently showing no signs of recovery.
On the upside, the pair is now facing sellers near 1.1550. The first major resistance sits at 1.1580. A close above 1.1580 could open the doors for more gains. In the stated case, the bulls could aim for a move to 1.1620. Any more gains might open the doors for a test of 1.1700.
If not, the pair might continue to move down. Immediate support is seen near 1.1500. The first major area for the bulls might be near the 1.1450 zone.
A downside break below 1.1450 could send the pair toward 1.1420. The main support sits at 1.1380, below which the pair might gain bearish momentum. In the stated case, it could even revisit 1.1250 in the coming days.
Looking at GBP/USD, the pair started a fresh decline below 1.3400, and there are chances of more losses in the near term.
Upcoming Key Economic Events:
- Euro Zone Sentix Investor Confidence for March 2026 – Forecast 4.2, versus 4.2 previous.
