EUR/USD technical analysis
Looking at the 4-hour chart of EUR/USD, the pair declined below the 1.0565 support zone. There was a break below a key bullish trend line with support near 1.0560. The pair even settled below the 1.0550 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).
It tested the 1.0500 support zone and the 76.4% Fib retracement level of the upward move from the 1.0448 swing low to the 1.0639 high.
If the bears remain in action, the pair could slide below 1.0480. The next key support is seen near the 1.0445 level, below which it could test 1.0420. Any more losses might send the pair toward the 1.0350 level.
On the upside, the pair might struggle to clear the 1.0550 resistance and the 100 simple moving average (red, 4 hours). The next key resistance is near 1.0640.
A close above 1.0640 could start a steady increase. In the stated case, EUR/USD might rise and recover toward the 1.0720 resistance zone. The next major stop for the bulls could be 1.0800.
