- EUR/USD struggled to recover above 1.0920.
- A major resistance is forming near 1.0900 and 1.0920 on the 4-hours chart.
- GBP/USD declined sharply below the 1.2950 support zone.
- Gold price might extend losses to $1,900, and oil price is struggling to stay above $100.
EUR/USD Technical Analysis
The Euro attempted a recovery wave above the 1.0900 level against the US Dollar. EUR/USD failed to gain strength above 1.0920 and started a major decline.
Looking at the 4-hours chart, the pair faced a strong resistance near 1.0930, the 200 simple moving average (green, 4-hours), and the 100 simple moving average (red, 4-hours).
A high was formed near 1.0936 and there was a sharp decline. There was a move below the 1.0865 and 1.0850 support levels. The pair declined below the 61.8% Fib retracement level of the upward move from the 1.0761 swing low to 1.0936 high.
The pair is now struggling to stay above the 1.0760 and 1.0750 support levels. A downside break and close below the 1.0750 level could increase selling pressure.
The next major support is near the 1.0700 level. Any more losses may perhaps open the doors for a move towards the 1.0650 level.
On the upside, the pair might face resistance near the 1.0865 level. The next major resistance is seen near the 1.0920 level or 1.0932, above which the pair could start a steady increase.
Looking at GBP/USD, there was a sharp bearish reaction below the 1.2950 and 1.2920 support levels after there was a close below 1.3000.
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