Price of EUR/USD Dropped Beneath The 1.0750, US Dollar Gaining Strength

Key Take-Aways

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.

Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.