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EUR/USD Technical Analysis: Have the bears enough fuel to drive the market to the 2018 low?

  • EUR/USD is trading in a bear trend below the 200-period simple moving average.  
  • EUR/USD reached a new monthly low as the bears came back into the market after testing 1.1430. As the market is trading far away from its main simple moving average, it remains to be seen if bears have enough fuel in the tank to drive the market to 1.1300 (2018 low). It is likely that bulls will try hard to keep the market above 1.1400 in the coming sessions.
  • As the main trend remains bearish a break below 1.1400 on a daily closing basis would be seen as extra bearish confirmation.

EUR/USD 4-hour chart

Spot rate:             1.1376
Relative change:  -0.14%  
High:                    1.1433
Low:                     1.1370

Main trend:             Bearish

Resistance 1:   1.1400 figure
Resistance 2:   1.1430 October 9 low
Resistance 3:   1.1463 October 4 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    

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