Key Highlights
- EUR/USD extended losses and traded below 1.1480.
- A key bearish trend line is forming with resistance at 1.1550 on the 4-hour chart.
- GBP/USD also declined further and traded below 1.3320.
- Crude oil prices could continue to rise and might test $112.
EUR/USD Technical Analysis
The Euro failed to stay above 1.1550 against the US Dollar. EUR/USD declined further and traded below 1.1500 to enter a bearish zone.
Looking at the 4-hour chart, the pair settled well below 1.1500, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There is also a key bearish trend line forming with resistance at 1.1550.
The pair traded as low as 1.1411 and is currently consolidating losses. On the upside, the pair is now facing sellers near 1.1470. The first major resistance sits at 1.1500. A close above 1.1500 could open the doors for gains above 1.1520.
In the stated case, the bulls could aim for a move to 1.1550 and the trend line. Any more gain might open the doors for a test of 1.1660 and the 100 simple moving average (red, 4-hour).
If there is no recovery wave, the pair might start a fresh decline. Immediate support is seen near 1.1420. The first key support sits at 1.1400. A close below 1.1400 might call for heavy losses. In the stated case, it could even revisit 1.1320 in the coming days.
Looking at Crude oil, the bulls seem to be active above $95.00, and they could soon aim for a fresh wave above $105 and $112.
Upcoming Key Economic Events:
- US Industrial Production for Feb 2026 (MoM) – Forecast 0.2%, versus 0.7% previous.
