Key Highlights
- EUR/USD started a fresh decline and traded below 1.1550.
- It traded below a bullish trend line with support at 1.1520 on the 4-hour chart.
- GBP/USD extended losses and traded below 1.3320.
- Gold prices are showing signs of weakness below $4,550.
EUR/USD Technical Analysis
The Euro failed to settle above 1.1620 against the US Dollar. EUR/USD started a fresh decline and traded below the 1.1565 support.
Looking at the 4-hour chart, the pair settled below 1.1550, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). Besides, it traded below a bullish trend line with support at 1.1520.
The pair is now consolidating near the 61.8% Fib retracement level of the upward move from the 1.1410 swing low to the 1.1639 high.
On the upside, the pair is now facing sellers near 1.1550 and the 100 simple moving average (red, 4-hour). The first major resistance sits at 1.1580. A close above 160.00 could open the doors for gains above 1.1600. In the stated case, the bulls could aim for a move to 1.1640.
If there is no upside break above 1.1600, the pair might start a fresh decline. Immediate support is seen near 1.1500. The first key support sits at 1.1440. A close below 1.1440 might call for heavy losses. In the stated case, it could even revisit 1.1400 in the coming days.
Looking at Gold, the price is signaling a fresh decline, and there are chances of a drop toward the $4,250 level.
Upcoming Key Economic Events:
- German Consumer Price Index for March 2026 (YoY) (Prelim) – Forecast +2.1%, versus +1.9% previous.
- German Consumer Price Index for March 2026 (MoM) (Prelim) – Forecast +0.9%, versus +0.2% previous.
