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EUR/USD slips after failure near 1.1475, risks extend lower
The pair fell below 1.1450 and 1.1420 and is testing 1.1365 support, with 1.1300 seen as the key level for a potential push toward 1.1265.
EUR/USD came under fresh pressure after failing to clear the 1.1475 area versus the US dollar, with the pair starting a decline below 1.1450 and 1.1420, according to Action Forex.
On the 4-hour chart, EUR/USD settled below the 100 simple moving average and the 200 simple moving average, and bearish momentum pushed it toward 1.1365 support. If selling pressure increases, the analysis flags the possibility of a move below 1.1350, then toward 1.1325.
Further downside risk centers on support around 1.1300, where a break and close below could send EUR/USD toward 1.1265 and potentially open the door to a test of 1.1240. Resistance is cited near 1.1400 to 1.1405, with a close back above 1.1420 viewed as a trigger for renewed upside toward 1.1450 and then 1.1475.
In related commentary, Action Forex noted WTI crude oil appears to be following a bullish path and could aim to move above $95.00.
Latest closeWTI crude $90.47 ▼1.9%|EUR/USD 1.137 ▼0.3%