Key Highlights
- EUR/USD struggled near 1.1710 and started a downside correction.
- It traded below a bullish trend line with support at 1.1655 on the 4-hour chart.
- Gold prices dipped from $4,700 and tested the $4,420 support.
- Bitcoin started a consolidation phase below the $80,000 pivot level.
EUR/USD Technical Analysis
The Euro failed to settle above 1.1700 against the US Dollar. EUR/USD started a downside correction below 1.1680 and 1.1660.
Looking at the 4-hour chart, the pair traded below a bullish trend line with support at 1.1655. There was a clear move below the 50% Fib retracement level of the upward move from the 1.1511 swing low to the 1.1710 high.
The pair even spiked below the 100 simple moving average (red, 4-hour). If there are more losses, the pair might find bids near the 76.4% Fib retracement level at 1.1558.
The first major support could be near 1.1520 and the 200 simple moving average (green, 4-hour). A downside break and close below 1.1520 might start a major leg down. In the stated case, the bears could aim for a move to 1.1440. Any more losses could open the door for a test of 1.1420.
On the upside, EUR/USD could face resistance near the 1.1620 level. The next major resistance might be 1.1660. A close above 1.1660 could start another steady increase. In the stated case, the bulls could aim for a move to 1.1710. Any further gains might open the door for a test of 1.1750.
Looking at Gold, the price accelerated gains above $4,550, but failed to clear $4,700 and corrected some gains.
Upcoming Key Economic Events:
- German Consumer Price Index for August 2026 (YoY) (Prelim) – Forecast +2.9%, versus +2.8% previous.
- German Consumer Price Index for August 2026 (MoM) (Prelim) – Forecast +0.2%, versus +0.8% previous.
- Chicago Purchasing Manager’s Index for August 2026 – Forecast 57.0, versus 57.6 previous.
