Key Highlights
The EUR/USD struggled near the 1.1020 level and began a fresh bearish move.
It traded below a key bullish trend line with support at 1.0860 on the 4-hour chart.
EUR/USD Technical Analysis
On the 4 hour chart, the pair settled below the 1.0880 support line, the 100 (red, 4 hour) and 200 (green, 4 hour) simple moving averages.
On the same chart, the pair traded below an important bullish trend line with support at 1.0860. There was a drop below the 61.8% Fib retracement level of the uptrend from the 1.0656 swing low to the 1.1017 high.
The pair is now consolidating above the 76.4% Fib retracement level from the 1.0656 swing low to the 1.1017 high.
A bearish break below the 1.0740 support level could send the pair down towards the 1.0700 level. The next major support level is 1.0650, below which the bears may take control.
On the upside, immediate resistance is at the 1.0820 level. The next major resistance is near the 1.0880 level. Major resistance is near the 1.0920 level. A close above the 1.0920 zone could open the doors for further gains. The next stop for the bulls could be 1.1000.
