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EUR/USD slides below key levels as downside correction unfolds

EUR/USD fell below 1.1680 and 1.1660, trading under the 4-hour 100 simple moving average, with first support cited near 1.1655.

Reported · Written up by our desk · Major Pairs

The euro failed to hold above 1.1700 against the US dollar, and EUR/USD began a downside correction that moved it below 1.1680 and 1.1660.

According to Action Forex, the 4-hour chart shows the pair trading below a bullish trend line, with support around 1.1655. The move also slipped under the 50% Fibonacci retracement of the 1.1511 to 1.1710 up-leg, and even spiked below the 4-hour 100 simple moving average.

The same technical view flags several levels for additional downside, including 1.1520 as first major support. A break and close below 1.1520 could trigger a larger sell-off, with targets mentioned near 1.1440 and 1.1420.

On the upside, Action Forex points to resistance around 1.1620, followed by 1.1660, where a close above could set up a steadier push higher. The analysis also notes gold failing to clear $4,700 after correcting from gains above $4,550.

Latest closeGold $4,445.30 ▲1.2%|EUR/USD 1.164 ▲0.1%

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