EUR/USD has seen a decline below the 1.1000 support zone recently. A bearish trend line is forming with resistance at 1.0945 on the 4-hour chart. The pair started its decline from the 1.1200 resistance level against the US Dollar, breaking below the 1.1120 and 1.1000 support levels.
The 4-hour chart shows that EUR/USD is now below the 100 and 200 simple moving averages, settling below the 1.1000 level. The pair even tested the 1.0900 zone and formed a low at that level. Currently, the pair is consolidating losses, with immediate support at 1.0900 and key support at 1.0880. Further losses could lead to a drop towards 1.0850 and 1.0820 levels.
On the upside, resistance is seen at 1.0945, with the first major resistance at 1.0975. A close above this level could indicate a potential for further gains, with the next major resistance at 1.1020 and a possible move towards 1.1050 and 1.1120 levels.
In addition to the EUR/USD analysis, GBP/USD has also experienced losses, dropping below the 1.3120 and 1.3080 support levels. The bears have been active in pushing the pair lower.
Looking ahead, traders should keep an eye on upcoming economic events such as Fed’s Kashkari speech, as these could impact the movement of the currency pairs. It is important for traders to stay informed about such events to make well-informed trading decisions.
Overall, the EUR/USD pair is currently in a bearish zone, but a break above the resistance levels could signal a potential recovery. Traders should closely monitor key support and resistance levels to gauge the future direction of the pair.
