EUR/USD Technical Analysis: Lack of bearish enthusiasm near October lows

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  • EUR/USD is trading in a bear trend below the 200-period simple moving average on the 4-hour chart. 
  • EUR/USD bear tried to break below 1.1430 (the October low) but the market rebounded from the support level. The lack of bearish conviction near the monthly low can be seen as bearish weakness, especially on the third attempt in October. In the short term, bulls should try to retake 1.1500 and possibly 1.1530 if they gather enough steam. 
  • However, EUR/USD remains predominantly bearish and a break below 1.1430 should invalidate the short-term bullish bias. 

EUR/USD 4-hour chart


	EUR/USD Technical Analysis: Lack of bearish enthusiasm near October lows

Spot rate:             1.1475
Relative change:   0.09%  
High:                    1.1494
Low:                     1.1439

Main trend:             Bearish

Resistance 1:   1.1500 figure and October 2 swing low 
Resistance 2:   1.1530 August 23 swing low (key level)
Resistance 3:   1.1569 Sept. 28 low
Resistance 4:   1.1600 figure
Resistance 5:   1.1630 August 8 high key level
Resistance 6:   1.1654 August 27 high

Support 1:   1.1463 October 4 low
Support 2:   1.1430 October 9 low
Support 3:   1.1400 figure
Support 4:   1.1300 current 2018 low

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