Key Highlights
- EUR/USD started a fresh decline from the 1.0915 resistance.
- It traded below a key bullish trend line with support at 1.0810 on the 4-hour chart.
- GBP/USD rallied toward 1.2700 before the bears appeared.
- Gold prices dipped again and traded below $2,320.
EUR/USD Technical Analysis
The Euro started a decline after it failed near 1.0915 against the US Dollar. EUR/USD declined heavily below the 1.0880 and 1.0850 support levels.
Looking at the 4-hour chart, the pair settled below the 1.0820 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). Besides, it traded below a key bullish trend line with support at 1.0810.
The pair is now trading below the 1.0800 level. Immediate support is near the 1.0750 level. The next major support is near the 1.0720 zone.
A downside break and close below the 1.0720 support zone could open the doors for a larger decline. In the stated case, the pair could decline toward the 1.0650 level.
On the upside, immediate resistance is near the 1.0800 zone. The first major resistance is near the 1.0820 level. A clear move above the 1.0820 resistance might send it toward the 1.0850 level. Any more gains might call for a move toward the 1.0880 level in the near term.
Looking at gold, the bears stepped again and they were able to push the price below the key support at $2,320.
Economic Releases
- Euro Zone Sentix Investor Confidence for June 2024 – Forecast -2.0, versus -3.6 previous.
