EUR/USD Drops To Key Support, GBP/USD Eyes Upside Break

Key Highlights

  • EUR/USD declined below 1.2200 and it tested the 1.2065 support zone.

  • GBP/USD is eyeing an upside break above 1.3700 and 1.3750.

  • Crude oil price is consolidating gains well above $50.00, while the gold price is well below $1,880.

  • USD/JPY seems to be facing a strong resistance near 104.20 and 104.40.

EUR/USD Technical Analysis

After struggling to clear the 1.2350 level, the Euro started a fresh decline against the US Dollar. EUR/USD broke the 1.2250 and 1.2200 support level to move into a short-term bearish zone.

Looking at the 4-hours chart, the pair broke a couple of important supports near 1.2220 and 1.2200. There was also a break below a major bullish trend line with support near 1.2245 on the same chart.

As a result, there was a sharp decline below the 1.2180 level and the 100 simple moving average (red, 4-hours). The pair traded close to the 1.2065 support level and it even broke the 200 simple moving average (green, 4-hours).

A low is formed near 1.2064 and the pair is currently consolidating losses. The first major resistance on the upside is near 1.2100. The main resistance for a fresh increase is likely to form near 1.2180 and the 200 SMA.

Conversely, the pair might fail to start afresh increase above 1.2100 and 1.2120. In the stated case, there is a risk of a downside break below the 1.2065 support zone. The next major support is near the 1.2010 and 1.2000 levels.

Overall, EUR/USD must stay above 1.2065 for a fresh increase above 1.2180. Conversely, GBP/USD remained in a positive zone and it seems to be eyeing an upside break above 1.3700 and 1.3750.

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