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Will the EUR/USD Decline Continue?

October 4, 2021

  • EUR/USD continued it’s decline after breaking support at 1.1600.
  • Strong resistance to limit gains in the short-term.

 The Euro, US Dollar pair has continued to be bearish after breaking below the 1.1750 support level. EUR/USD continued to push lower, breaking further support at 1.1650 and 1.1620, and has since consolidated.

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

On the 4-hour chart, the quote currently sits just below the 1.1600 level, well below both the 100-MA (red) and 200-MA (blue). It traded as low as 1.1562 on September 30th and is now consolidating below 1.1600. 

For the pair to turn bullish, the first hurdle it will face is the 1.1620 resistance level. There is further resistance near 1.1650, and from two bearish trend lines near 1.1650 and 1.1680. The quote would also need to break resistance from the 50% Fibonacci retracement level of the downward move from the swing high of 1.1755 to the swing low of 1.1562. A break of all of these could see momentum take the quote back towards the 1.1700 level.

In contrast, if the pair continues to be bearish, the first support level is down near 1.1565. Below this, the quote could drop towards the 1.1550 support level. If this level is broken, momentum will likely increase, taking the quote back down towards the 1.1420 level, last seen on July 20th.

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