Looking at the 4-hour chart, the pair broke a key bullish trend line with support near 1.0585. There was a spike below the 100 simple moving average (
Key highlights EUR/USD is struggling to clear the 1.0625 resistance zone. It broke a key bullish trend line with support near 1.0585 on the 4-hour chart. EUR/USD technical analysis red, 4 hours). The pair settled below the 200 simple moving average . It traded as low as 1.0521 before the bulls appeared. The pair is now consolidating losses and facing resistance near the 1.0600 zone.
On the upside, the pair might face strong resistance near the 1.0620 level. If there is a clear move above 1.0620, the pair could rise toward the 1.0650 resistance. The next key resistance is near 1.0665, above which the pair could rise toward the 1.0700 level. If there is a fresh decline, the pair might find bids near 1.0520. The next key support is seen near 1.0500, below which it could test 1.0440. Any more losses might send the pair toward the 1.0400 level.
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