Key Highlights
- EUR/USD started a consolidation phase below the 1.0350 resistance.
- A major bearish trend line is forming with resistance at 1.0315 on the 4-hour chart.
- GBP/USD is consolidation losses below the 1.0320 resistance.
- Crude oil prices rallies toward $80.00 before it corrected some gains.
EUR/USD Technical Analysis
The Euro remained in a bearish zone below 1.0350 against the US Dollar. EUR/USD even extended losses and traded below the 1.0220 support.
Looking at the 4-hour chart, the pair traded as low as 1.0176 and is currently consolidating losses. There was a close below the 1.0350 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
It seems to be facing resistance near the 1.0300 and 1.0315 levels. The next major resistance is near the 1.0350 level. A close above the 1.0350 level could set the tone for another increase. In the stated case, the pair could rise toward the 1.0420 resistance. The main hurdle could be 1.0450.
On the downside, immediate support sits near the 1.0265 level. The next key support sits near the 1.0245 level. Any more losses could send the pair toward the 1.0200 level.
Looking at GBP/USD, the pair started a short-term recovery wave, but the bears are active near the 1.2280 resistance zone.
Upcoming Economic Events:
- Euro Zone Construction Output for Nov 2024 (YoY) – Forecast +1.1%, versus +1.0% previous.
