Key Highlights
- EUR/USD started a fresh decline and traded below 1.1550.
- A bearish trend line is forming with resistance at 1.1515 on the 4-hour chart.
- Bitcoin rally again stalled below the $82,250 resistance zone.
- WTI Crude Oil prices saw a pullback below $102.00.
EUR/USD Technical Analysis
The Euro failed to stay above 1.1535 against the US Dollar. EUR/USD dipped below 1.1500 and 1.1465 to enter a short-term bearish zone.
Looking at the 4-hour chart, the pair settled below 1.1500, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). A low was formed at 1.1455, and the pair started a consolidation phase.
On the upside, the pair could face resistance near a bearish trend line at 1.1515. The next major resistance might be near the 50% Fib retracement level of the downward move from the 1.1654 swing high to the 1.1455 low.
The main resistance could be near the confluence of the 100 simple moving average and the 200 simple moving average at 1.1590. A close above 1.1590 could start another steady increase. In the stated case, the bulls could aim for a move to 1.1650.
If there is another bearish reaction, the pair could revisit 1.1455. The first major support could be near 1.1420. A close below 1.1420 might accelerate the decline. In the stated case, the bears could aim for a move to 1.1350.
Looking at WTI Crude Oil prices, the price started a downside correction, tested $100.00, and might extend the pullback to $95.00.
Upcoming Key Economic Events:
- ECB’s President Lagarde speech.
- ECB’s Cipollone speech.
