CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money before trading CFDs.

EUR/USD Looks Set to Drop Below 1.1780

July 19, 2021

  • EUR/USD recovery struggles and could decline further below 1.1780.
  • A bearish trend line forms resistance near 1.1820..

The Euro-US Dollar pair remains in a bearish zone below the 1.1850 resistance level. The pair has struggled to remain above 1.1800 and could now drop further below 1.1780.


EUR/USD 4-Hour Chart (Trend: BEARISH)

On the 4-hour chart, the quote has been following a bearish decline from a swing high of 1.1975. It is now positioned below the 1.1850 level, the 100-MA (red), and the 200-MA (blue).

The quote is currently struggling to stay above the 1.1800 and 1.1780 support levels. A close below 1.1780 would likely trigger a sharp decline. If this were to happen, the pair could test support at 1.1770. Further losses could drive the pair towards the next support at 1.1720. 

On the upside, a significant bearish trend line has formed, with resistance near 1.1820. If the quote can close above this trend line, the pair could possibly climb up towards 1.1850 and the 100-MA. If the quote then continues above 1.1850, it is possible it may even recover above 1.1900.



Open an Account. Get started in less than 5 minutes