Key Highlights
- EUR/USD started a fresh decline after it faced rejection near 1.1625.
- A major contracting triangle is forming with support at 1.1450 on the 4-hour chart.
- GBP/USD is moving lower and might struggle to stay above 1.3120.
- WTI Crude Oil prices show bullish signs above the $105 resistance.
EUR/USD Technical Analysis
The Euro struggled to stay above 1.1600 against the US Dollar. EUR/USD started a fresh decline and traded below the 1.1565 support.
Looking at the 4-hour chart, the pair dipped below the 50% Fib retracement level of the upward move from the 1.1443 swing low to the 1.1627 high. The pair also settled below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
Immediate support is seen near 1.1485 and the 76.4% Fib retracement level of the upward move from the 1.1443 swing low to the 1.1627 high.
The first key support sits at 1.1450. There is also a major contracting triangle forming with support at 1.1450. A close below 1.1450 might call for heavy losses. In the stated case, it could even revisit 1.1365.
On the upside, the pair could face resistance near the 1.1550 zone. The first major resistance sits at 1.1580. The main resistance could be 1.1620. A close above 1.1620 could open the doors for gains above 1.1650. In the stated case, the bulls could aim for a move to 1.1750.
Looking at Oil, the price started a steady increase, and the bulls were able to pump the price above the $115 level.
Upcoming Key Economic Events:
- US ISM Services Index for March 2026 – Forecast 55.0, versus 56.1 previous.
