Key Highlights
- EUR/USD is attempting a recovery wave from the 1.0700 zone.
- A major bearish trend line is forming with resistance near 1.0810 on the 4-hour chart.
- Gold price is recovering higher from the $1,988 support zone.
- Bitcoin price is consolidating gains above the $50,500 support.
EUR/USD Technical Analysis
The Euro extended its decline below the 1.0750 level against the US Dollar. EUR/USD even spiked below 1.0700 before it found support.
Looking at the 4-hour chart, the pair traded as low as 1.0694 and is currently attempting a recovery wave. There was a move above the 1.0750 resistance zone. The pair moved above the 38.2% Fib retracement level of the downward move from the 1.0897 swing high to the 1.0694 low.
EUR/USD is now facing strong resistance near the 1.0800 zone. There is also a major bearish trend line forming with resistance near 1.0810 on the same chart.
The trend line is close to the 50% Fib retracement level of the downward move from the 1.0897 swing high to the 1.0694 low. A close above the 1.0820 zone could open the doors for more upsides. The next stop for the bulls might be 1.0880. Any more gains might send EUR/USD toward 1.0920.
Immediate support is near the 1.0750 level. The first major support sits near the 1.0720 level. The next major support sits at 1.0700, below which the pair might gain bearish momentum. In the stated case, the pair could even visit the 1.0640 support level.
Looking at Bitcoin, the price seems to be consolidating gains above the $50,000 level and might aim for more upsides.
Economic Releases
- German Buba Monthly Report.
