EURUSD Is Exposed To Risk Of Further Decline Beneath 0.9650
The EUR/USD pair started a new fall after failing to rise over 1.0000.
On the 4-hours chart, a crucial negative trend line is developing with resistance close to 0.9850.
There are indications of a new fall in oil and gold.
If GBP/USD overcomes the 1.1500 resistance, it can move higher still.
Technical Analysis of EUR/USD Against the US Dollar, the Euro tried to rise steadily above the 0.9850 resistance. Even yet, the EUR/USD failed close to parity after clearing the 0.9900 zone
The pair reached a high of 0.9989 on the 4-hours chart before beginning a new fall. The 200 simple moving average and the 0.9850 support zone both clearly moved lower (green, 4-hours).
The price of the pair dropped below the 50% Fibonacci retracement level of the upward trend from the 0.9999 high to the 0.9537 swing low. The 100 simple moving average (red, 4-hours) and the 0.9700 level were both breached by a surge in price.
An early support for the downside is located close to the 0.9650 level. It is close to the level of the upward movement from the 0.9537 swing low to the 0.9999 high, or the 76.4% Fib retracement.
A move below the level of 0.9650 could push the pair farther lower. The level of 0.9500 is the next significant support. The pair may move toward the 0.9250 level if the downside breaks below the 0.9500 area.
The pair is seeing resistance near the 0.9820 level on the upswing. On the same chart, a connecting trend line at the level of 0.9850 serves as the next significant resistance. The pair may advance toward the 0.9920 level if there is a clear move over the 0.9850 level. Near the 1.0000 level may be the next significant obstacle.
There was a recent drop in the price of gold below the $1,665 support level, and further losses are possible in the near future.
Economic News To Trade Today for New York Empire State Manufacturing for October 2022 is forecasted at -5 against -1.5 prevous.
Author: Amogo Solomon
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