- The pair bounced after finding support at the key 1.1520/30 support area. The rebound was not strong enough to remove bearish short-term signals.
- A consolidation on top of 1.1600 could lead to a test of the dynamic resistance currently at 1.1635/40 (downtrend line from August highs) and above that area more gains are seen.
- The current bias still favors the downside with the price below key MA in the 4 hours chart, but a break below 1.1520/30 is needed over the coming sessions to clear the way to more losses.
- Ahead of the Asian session, the bearish tone is likely to prevail while under 1.1605 and the immediate support for the euro is located around 1.1570.
EUR/USD 4-hour chart
Daily high: 1.1615
Daily low: 1.1525
Support Levels
S1: 1.1580
S2: 1.1565
S3: 1.1520/30
Resistance Levels
R1: 1.1610
R2: 1.1635 (downtrend line)
R3: 1.1655 (last week high)
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