- EUR/USD is trading in a bear trend below the 200-period simple moving average.
- Earlier in the day, he Core Personal Consumption Expenditures for September came in at 2% in line with analysts forecasts with mild reaction on the currency pair.
- EUR/USD is currently finding resistance near the 1.1400 figure as bears want a retest of the 1.1300 (2018 low). EUR/USD might have run its course as the market is forming a small head-and-shoulders pattern while technical indicators are gaining some bullish traction. Bulls would need a breakout above 1.1400 on a daily closing basis. After which 1.1430 and 1.1500 could potentially be back on the radar. Alternatively, failure to recapture 1.1400 in the coming sessions could lead to a slump to the 2018 low.
EUR/USD 4-hour chart
Spot rate: 1.1374
Relative change: -0.25%
Main trend: Bearish
Resistance 1: 1.1400 figure
Resistance 2: 1.1430 October 9 low
Resistance 4: 1.1463 October 4 low
Resistance 5: 1.1500 figure and October 2 swing low
Resistance 6: 1.1530 August 23 swing low (key level)
Support 1: 1.1350 figure
Support 2: 1.1300 current 2018 low
Support 3: 1.1200 figure