- Below the 1.0200 level, the EUR/USD began to trend down.
- On the 4-hours chart, it traded below a significant bullish trend line with support located close to 1.0190.
- Below the 1.2000 support level, the GBP/USD exchange rate declined quickly.
- The resistance level of 136.00 was breached by the USD/JPY.
Technical Analysis of EUR/USD
In relation to the US Dollar, the Euro was unable to overcome the 1.0365 resistance area. With a new fall underway, the EUR/USD pair traded beneath the crucial 1.0250 support level.
On the 4-hours chart, the pair has consolidated around the crucial 1.0220 support as well as the 100 and 200 simple moving averages. Additionally, a significant bullish trend line with support close to 1.0190 was broken.
It made it possible for a move below the upward movement from the 1.0368 high to the 1.0096 swing low to be retraced at 76.4%.
Below the 1.0100 mark, the pair is currently displaying a number of bearish indicators. An initial support for the downside is located close to the 1.0020 level. Near the 1.0000 level is where the main support is. A downward break below the 1.0000 support might result in significant losses.
The pair is encountering resistance near the 1.0080 level on the upswing. Near the 1.0150 level comes the next significant obstacle. The pair may advance higher toward the 1.0200 level if there is a clear move above the 1.0150 barrier.
The EUR/USD pair must close above the 1.0200 resistance level and the 100 simple moving average in order to enter a bullish zone.
Looking at the GBP/USD pair, the price fell significantly below the 1.2000 support level, and further losses are possible in the near future.
Economic News to Trade Today
- Chicago Fed National Activity Index for July 2022 is expected to be 0.13, down from the previous reading of 0.19.
Author: Amogo Solomon
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