Key Highlights
- EUR/USD extended its decline, testing the 1.1420 support level.
- Resistance is emerging near 1.1500 and 1.1525 on the 4-hour chart.
- GBP/USD slipped into negative territory below 1.3300.
- Gold prices encountered difficulty near $4,380, erasing most of their gains.
EUR/USD Technical Analysis
The Euro faced intensified selling pressure below the 1.1550 mark against the US Dollar. EUR/USD plunged through 1.1520 and 1.1500 before buyers re-entered the market.
On the 4-hour chart, the pair stabilized below 1.1500, trading beneath both the 100-period simple moving average (red, 4-hour) and the 200-period simple moving average (green, 4-hour). A temporary low was recorded at 1.1471, triggering a modest recovery attempt.
The currency pair successfully breached the 23.6% Fibonacci retracement level of the decline from the 1.1622 swing high to the 1.1417 low. Further upside momentum could encounter resistance around the 1.1500 psychological level.
Should the recovery continue, the next significant barrier lies at 1.1525 or the 50% Fibonacci retracement level of the same downward move. A decisive break above 1.1525 might pave the way for a more substantial rally, potentially targeting the 1.1580 region.
In the event of renewed downward pressure, initial support is expected near 1.1420, with 1.1400 acting as the primary floor. A breach below 1.1400 could signal further bearish momentum, with 1.1365 serving as the key support target. A drop beneath this level might expose the 1.1250 area to selling pressure.
Meanwhile, Gold prices failed to sustain momentum above $4,380, retreating lower and potentially revisiting the $4,000 support zone.
Upcoming Key Economic Events:
- Euro Zone Consumer Confidence for June 2026 (Preliminary) – Forecast -18.0, compared to -19.0 previously.
- ECB President Lagarde’s speech.
- Fed official Waller’s speech.
