EUR/USD Bears Remain Active Below 1.0700
- EUR/USD extended its decline and tested the 1.0535 zone.
- It cleared a key bearish trend line with resistance near 1.0595 on the 4-hours chart.
- GBP/USD found support near 1.1940 and is currently consolidating losses.
- Gold price started a fresh increase above the $1,830 resistance zone.
EUR/USD Technical Analysis
The Euro found support near the 1.0535 zone against the US Dollar. EUR/USD remained bid and recently started an upside correction above 1.0580.
Looking at the 4-hours chart, the pair started an upside correction above the 1.0600. There was a break above a key bearish trend line with resistance near 1.0595 on the same chart.
There was a spike towards the 1.0665 resistance zone and the 100 simple moving average (red, 4-hours). The pair tested the 50% Fib retracement level of the downward move from the 1.0804 swing high to 1.0539 low.
On the upside, the pair is facing resistance near the 1.0655 zone. The next major resistance is near the 1.0750 level and the 200 simple moving average (green, 4-hours).
A clear move above the 1.0750 resistance might start a steady increase towards the 1.0800 zone. On the downside, an immediate support is near the 1.0600 level.
The next major support is near the 1.0550 level, below which there is a risk of a move towards the 1.0480 level. Any more losses could open the doors for a drop towards 1.0420.
Looking at gold price, the price started an upside correction and there was a clear move above the $1,830 resistance zone.
- Euro Zone Retail Sales for Feb 2023 (YoY) - Forecast +1.9%, versus -2.8% previous.
- Euro Zone Retail Sales for Feb 2023 (MoM) - Forecast +1.0%, versus -2.7% previous.
- US Factory Orders for Jan 2023 (MoM) - Forecast 0%, versus +1.8% previous.