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EUR/USD Starts Major Decline Below Support Level

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EUR/USD,Major Decline,Support Level

EUR/USD has started a major decline below the 1.0780 support level, trading below a key bullish trend line with support at 1.0850 on the 4-hour chart. The decline was sparked by tensions escalating between Iran and Israel, leading to a strong buying interest in safe havens like the US Dollar. The pair has settled below the 100 and 200 simple moving averages and is currently finding support near the 1.0620 level.

Key highlights EUR/USD started a major decline below the 1.0780 support. It traded below a key bullish trend line with support at 1.0850 on the 4-hour chart. EUR/USD technical analysis Looking at the 4-hour chart, the pair traded below a key bullish trend line with support at 1.0850. Recently, Iran launched more than 300 drones and missiles at Israel . It escalated tensions and sparked a strong buying interest among safe havens like the US Dollar. EUR/USD dived below the 1.0750 and 1.

It even settled below the 100 simple moving average and the 200 simple moving average . Immediate support is near the 1.0620 level. The next major support is at 1.0580. If there is a downside break below the 1.0580 support, the pair could decline toward the 1.0550 support. Any more losses might send the pair toward the 1.0520 level in the near term. On the upside, the pair is facing hurdles near 1.0685. The first key resistance is near the 1.0720 zone. A clear move above the 1.

EUR/USD Major Decline Support Level Bullish Trend Line Tensions Iran Israel Safe Havens US Dollar Simple Moving Averages

 

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