- EUR/USD is trading in a bear trend below the 200-period simple moving average. The US Gross Domestic Product for the third quarter earlier came better than expected at 3.5% versus 3.3% forecast.
- EUR/USD remains weak but the oversold condition can lead to a bounce up. Bulls would need a break above 1.1400 on a daily closing basis to confirm a bullish reversal.
- Meanwhile, 1.1300 (2018 low) is the targets for bears.
EUR/USD 4-hour chart
Spot rate: 1.1376
Relative change: 0.01%
High: 1.1389
Low: 1.1335
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