EURUSD

Key Highlights

  • The Euro started an upside correction from the 1.0925 low against the US Dollar.

  • EUR/USD is facing resistance near 1.1080 and a bearish trend line on the 4-hours chart.

 

EUR/USD Technical Analysis

Looking at the 4-hours chart, the pair traded above the 1.1020 resistance level plus the 50% Fib retracement level of the downward move from the 1.1163 high to 1.0925 low.

However, the upward move was capped by the 1.1080 and 1.1090 resistance levels. Moreover, the pair is also facing hurdles near the 100 simple moving average (red, 4-hours) and the 61.8% Fib retracement level of the downward move from the 1.1163 high to 1.0925 low.

EURUSD

There is also a crucial bearish trend line forming with resistance near 1.1100 on the same chart. Therefore, the pair needs to climb above the 1.1080 and 1.1100 resistance levels to continue higher.

Conversely, if EUR/USD fails to break the 1.1080 and 1.1100 resistance levels, it could start a fresh decline. An immediate support is near the 1.0980 level, below which the pair could test the 1.0950 support area.

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