Price of EUR/USD Dropped Beneath The 1.0750, US Dollar Gaining Strength
Below the 1.0750 support, the EUR/USD deepened.
On the 4-hours chart, it is struggling with various obstacles at 1.0750 and 1.0800.
The 1.2000 support may be retested as the GBP/USD exchange rate falls.
Below the $22,350 support level, the price of bitcoin continued to drop.
Technical Analysis of EUR/USD
When compared to the US Dollar, the Euro began a significant drop from far over the 1.0950 level. The EUR/USD fell below the 1.0850 level and entered a negative zone.
The pair fell below the 1.0800 support level, the 100 simple moving average (4-hour red), and the 200 simple moving average, according to the 4-hour chart (green, 4-hours).
Additionally, the price closed below the 1.0750 support region. The support zone of 1.0660 was tested last. The market activity right now indicates that there are increased prospects for a decline below the 1.0620 and 1.0600 support levels.
Near 1.0550, there is a significant support level. The pair may fall toward the 1.0500 level if there is a downward break. Another loss might need a test of 1.0420.
The pair is encountering resistance near the 1.0720 level on the upswing. Near the 1.0750 level comes the next significant obstacle. It might begin with a definite rise above the 1.0750 resistance.
Any additional gains would pave the way for a move in the direction of the 1.0850 mark, above which the bulls might seek for a retest of the 1.1000 resistance.
Looking at the price of bitcoin, a definite move below the $22,350 support level occurred, and it appears that the bulls are gradually losing ground.
Economic News To Trade Today
Japan’s GDP Q4 2022 (QoQ) (Prelim) Forecast 0.5%, up from -0.2% in the previous quarter.
Author: Amogo Solomon
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