EUR/USD Stumbles Again—Is A Bigger Drop Around The Corner?

Key Highlights

EUR/USD started a major decline below 1.1600 and 1.1580.
It traded below a contracting triangle with support at 1.1595 on the 4-hour chart.
GBP/USD is again moving lower from the 1.3500 resistance zone.
Bitcoin extended losses and tested the $60,000 support.

EUR/USD Technical Analysis

The Euro failed to surpass 1.1650 against the US Dollar. EUR/USD started a fresh decline below 1.1620 and 1.1600 to move into a bearish zone.

Looking at the 4-hour chart, the pair traded below a contracting triangle with support at 1.1595. The pair shows bearish signs below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).

Immediate support could be 1.1500. The first major support might be 1.1470. A close below 1.1470 could open the doors for a larger decline toward 1.1420. Any more losses might set the pace for a test of 1.1350.

On the upside, an immediate resistance could be 1.1550. The next major resistance might be 1.1580. A close above 1.1580 could open doors for gains. The main hurdle for the bulls could be 1.1620 and the 100 simple moving average (red, 4-hour). If there is a close above 1.1620, the pair could rise toward the 1.1650 level.

Looking at GBP/USD, the pair failed to continue higher above 1.3500, started a fresh decline, and might move below the 1.3320 support.