EUR/USD Slips Again – Can Bulls Defend 1.1650?

EUR/USD Slips Again

The euro-dollar pair (EUR/USD) has entered a crucial phase on the 4H chart, as sellers continue to dominate below key moving averages. At the time of writing, EUR/USD is trading around 1.1712, slipping beneath short-term support and testing fresh lows.

🔎 Technical Overview

• Moving Averages (MA Ribbon):
  The 20- and 50-period SMAs are pointing downward, signaling sustained bearish pressure. The pair is also struggling below the 100-SMA, which confirms weakness in the short-to-medium term.

• Relative Strength Index (RSI):
  RSI is hovering near the 40 level, showing bearish momentum but not yet in oversold territory. This suggests there could be room for further downside before a potential rebound.

• Key Support & Resistance Levels:

  • Support: 1.1680 – 1.1650
  • Resistance: 1.1745 – 1.1780

📌 Trade Setup

• Bearish Scenario (Favored):
  A sustained move below 1.1710 opens the door toward 1.1680, and possibly a test of the 1.1650 handle if sellers maintain pressure.

• Bullish Scenario (Alternative):
  Only a decisive break above 1.1750 with strong buying volume could shift momentum back toward 1.1780 – 1.1820.

📝 Conclusion

The technical picture favors short positions, with sellers aiming for deeper lows as long as EUR/USD remains capped under 1.1750. Traders should watch the 1.1650 support zone closely – a break there could accelerate the bearish trend into October.