The euro remains under pressure, trading in a bearish zone against the US dollar, with EUR/USD falling below the critical support level of 1.0350. The pair extended its losses, dipping below 1.0220 and even hitting a low of 1.0176 before consolidating its losses.
Analyzing the 4-hour chart, the pair is facing significant technical resistance. It is currently struggling to regain the 1.0300 and 1.0315 levels, with 1.0350 emerging as the key resistance. A decisive close above 1.0350 could signal a potential recovery, with the pair targeting the next resistance at 1.0420, followed by 1.0450.
On the downside, immediate support lies around the 1.0265 level, followed by a more crucial level at 1.0245. If the pair breaks further lower, it may test the 1.0200 level, marking a critical point for any further bearish momentum.
Meanwhile, GBP/USD has begun a short-term recovery, although the bears are active near the 1.2280 resistance zone, suggesting a potential pause or reversal in the pair’s upward movement.
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