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EUR/USD drops below 1.1250 amid bearish momentum

The euro tested 1.1165 and is consolidating losses below the 23.6% Fib retracement level, with resistance near 1.1250 and 1.1275.

Reported · Written up by our desk · Major Pairs

EUR/USD fell further after slipping below 1.1300, with the pair dropping below 1.1250 and 1.1200. Action Forex said the euro tested 1.1165 and settled well below the 100 and 200 simple moving averages on the 4-hour chart.

The market is now consolidating losses below the 23.6% Fib retracement level of the move from the 1.1380 swing high to the 1.1166 low. Action Forex identified immediate resistance at 1.1250, with a major bearish trend line facing resistance around 1.1275.

On the upside, a close above 1.1320 could lift EUR/USD toward the 100 simple moving average on the 4-hour chart near 1.1420, while another drop could find support near 1.1165 and then around 1.1150. The outlet added that a close below 1.1150 could accelerate declines toward 1.1080.

Action Forex also noted GBP/USD has been consolidating losses below 1.3280 after a steady decline below 1.3320, with the pair holding above 1.3200 support. For USD/JPY, the outlet said a fresh increase could be possible if it closes above 159.00.

Latest closeEUR/USD 1.126 ▼0.6%|USD/JPY 157.83 ▲0.2%|GBP/USD 1.324 ▼0.2%

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