Key Highlights
- EUR/USD started another decline and traded below the 1.0500 support.
- A major bearish trend line is forming with resistance at 1.0485 on the 4-hour chart.
- Bitcoin rallied further and traded close to the $100,000 milestone level.
- GBP/USD dipped further and tested the 1.2500 support zone.
EUR/USD Technical Analysis
The Euro started yet another decline from the 1.0600 zone against the US Dollar. EUR/USD traded below the 1.0550 and 1.0520 levels to enter a bearish zone.
Looking at the 4-hour chart, the pair settled below the 1.0500 support, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). It even tested the 1.0335 zone. A low was formed at 1.0333 and the pair is now consolidating losses.
On the upside, the pair could face resistance near the 1.0440 level. The first major resistance is near the 1.0485 level. There is also a bearish trend line forming with resistance at 1.0485 on the same chart.
A close above the 1.0485 level could set the tone for another increase. The next major resistance could be 1.0520, above which the price could climb higher toward the 1.0550 resistance. Any more gains might send EUR/USD toward 1.0600.
On the downside, immediate support sits near the 1.0350 level. The next key support sits near the 1.0335 level. Any more losses could send the pair toward the 1.0300 level.
Looking at Bitcoin, the price extended gains, traded to a new all-time high above $98,000 and might soon clear the $100,000 level.
Upcoming Economic Events:
- German IFO Business Climate Index for Nov 2024 – Forecast 86.0, versus 86.5 previous.
- German IFO Current Assessment Index for Nov 2024 – Forecast 85.5, versus 85.7 previous.
- German IFO Expectations Index for Nov 2024 – Forecast 87.3, versus 87.3 previous.
