- EUR/USD gained bearish momentum below the 1.0200 support.
- It traded below a major bullish trend line with support near 1.0190 on the 4-hours chart.
- GBP/USD accelerated lower below the 1.2000 support zone.
- USD/JPY surged above the 136.00 resistance zone.
EUR/USD Technical Analysis
The Euro failed to clear the 1.0365 resistance zone against the US Dollar. EUR/USD started a fresh decline and traded below the key 1.0250 support zone.
Looking at the 4-hours chart, the pair settled below the key 1.0220 support, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours). There was also a break below a major bullish trend line with support near 1.0190.
It opened the doors for a move below the 76.4% Fib retracement level of the upward move from the 1.0096 swing low to 1.0368 high.
The pair is now showing a lot of bearish signs below the 1.0100 level. On the downside, an initial support is near the 1.0020 level. The main support is near the 1.0000 level. A downside break below the 1.0000 support might spark heavy losses.
On the upside, the pair is facing resistance near the 1.0080 level. The next major resistance is near the 1.0150 level. A clear move above the 1.0150 resistance might send the pair higher towards the 1.0200 level.
To move into a positive zone, the EUR/USD pair must settle above the 1.0200 resistance zone and the 100 simple moving average (red, 4-hours).
Looking at GBP/USD, the pair declined heavily below the 1.2000 support zone and there is a risk of more losses in the near term.
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