- EUR/USD is trading in a bear trend below the 200-period simple moving average (SMA) as it plunged no a new October low.
- EUR/USD is trading at levels not seen since mid-August as the market is trading far away from its 50, 100 and 200 SMA. The RSI and Stochastic indicators entered the oversold zone while the MACD remains bearish. As the 1.1400 is likely going to be the last bastion before a potential move down to 1.1300 (2018 low), the 1.1400 level should become the next battleground for both bulls and bears. Therefore a sideways consolidation is to be expected before the next directional move.
- Bears would need a close below 1.1400 on a daily closing basis while bulls will try to regain 1.1430 level.
EUR/USD 4-hour chart
Spot rate: 1.1397
Relative change: -0.65%
High: 1.1477
Low: 1.1378
Main trend: Bearish
Resistance 1: 1.1430 October 9 low
Resistance 2: 1.1463 October 4 low
Resistance 3: 1.1463 October 4 low
Resistance 4: 1.1500 figure and October 2 swing low
Resistance 5: 1.1530 August 23 swing low (key level)
Support 1: 1.1400 figure
Support 2: 1.1300 current 2018 low
Support 3: 1.1200 figure
Source: https://www.fxstreet.com/news/eur-usd-t ... 1810241538?
