Key Highlights
- EUR/USD started a fresh decline after it failed to recover above 1.1450.
- The bulls face resistance near 1.1450 and 1.1475 on the 4-hour chart.
- Bitcoin is showing signs of weakness below $60,000.
- USD/JPY remains elevated and could resume gains above 162.00.
EUR/USD Technical Analysis
The Euro started a recovery wave from 1.1325 against the US Dollar. EUR/USD climbed above 1.1380 and 1.1400 but failed to continue higher.
Looking at the 4-hour chart, the pair cleared a connecting bearish trend line with resistance at 1.1370. The pair even surpassed the 23.6% Fib retracement level of the downward move from the 1.1622 swing high to the 1.1324 low.
However, the pair faced resistance near 1.1450. It is again moving lower and shows bearish signs below 1.1400, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour).
If there is another recovery wave, EUR/USD could face resistance at 1.1420. The next major resistance might be 1.1450. A close above 1.1450 could open the doors for a larger increase. In the stated case, the bulls could aim for a move to 1.1475 and the 50% Fib retracement level of the downward move from the 1.1622 swing high to the 1.1324 low.
If the downside pressure builds, the pair could find bids near 1.1325. The first major support could be near 1.1300. A downside break and close below 1.1300 might send the pair toward 1.1250. Any more losses could open the doors for a test of 1.1200.
Looking at USD/JPY, the bulls pushed the pair above 161.20, and they could soon aim for a move above 162.00 in the near term.
Upcoming Key Economic Events:
- Euro Zone Consumer Confidence for June 2026 – Forecast -17.7, versus -17.7 previous.
- Euro Zone Services Sentiment for June 2026 – Forecast 2.5, versus 2.2 previous.
- Euro Zone Industrial Confidence for June 2026 – Forecast -7.8, versus -8.0 previous
- Euro Zone Economic Sentiment Indicator for June 2026 – Forecast 94.3, versus 93.5 previous.
