EURUSD is creating several sessions of losses in the 4-hour chart, recording a fresh four-month low marginally above the 1.1800 handle earlier today. The price started a strong negative movement after the pullback on the double top level of 1.1990, reached earlier in March.
The technical indicators are endorsing the bearish momentum with the RSI heading towards the oversold level and the MACD strengthening its movement beneath its trigger and zero lines. In trend indicators, the 20- and 40-period simple moving averages (SMAs) and the Ichimoku lines are continuing the recent price action.
If the price continues to lose ground, the next important support could be faced from the 1.1745 barrier, registered in November 2020 and 1.1610, achieved in September 2020.
On the other hand, a move higher could meet immediate resistances at the 1.1835 and 1.1870 lines. Above these, the 20- and 40-period SMAs currently at 1.1885 and 1.1900 respectively could halt bullish movements ahead of the 1.1945 hurdle. The double top level could act as significant line for the bulls before meeting the 200-period SMA at 1.2020.
Briefly, EURUSD started an aggressive bearish slip, signaling the start of a negative tendency again. However, a bounce off the four-month low and a jump above 1.1990 could change the outlook to bullish.
Written by Admin
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